Monetary Policy And China Real Estate Price Relationship Empirical Research

The real estate industry is related to the people's livelihood one of fundamental industry. Thehealthy development of real estate industry, to drive the growth of national economy, to improvethe quality of life and the construction of the harmonious society has the extremely vitalsignificance. But in recent years, as our country's money supply increased significantly, speculativecapital influx of and support of the local government support, lead to domestic asset prices climbed,real estate price bubbles increasingly prominent, a nationwide wave after wave of real estatespeculation climax. According to this phenomenon, many scholars at home and abroad and make adeep theoretical analysis and empirical research, and put the focus of the look on monetary policyformulation and use the aspect, think not reasonable monetary policy is to promote the real estateprice bubbles of generation, even some people think that money supply and interest rate movementsdirectly led to the formation of the real estate price bubbles. But judge whether an economyappeared foam, cannot pure asset prices have risen by judgment, combine the development ofnational economy and the income level of resident comprehensive analyzed.This article on the summary and review the basis of current research achievements, first frommonetary policy on real estate price bubbles on the transmission mechanism, establish the incometo housing than as real estate price bubbles measure; Second describes the present situation ofChina's real estate bubbles, and analyzes its on the national economic harm; And then constructVAR and VECM model including will monetary policy on real estate price bubbles influence ofempirical analysis, analysis results showed that M2and interest rate on the real estate price andresidents' per capita disposable income has a positive impact on, so can't according to think thecurrent monetary policy is a real estate bubble formed "culprit", but the monetary policy and to acertain extent is pushing the real estate prices; Finally, according to the characteristics of the realestate industry, from monetary policy and other aspects pertinently put forward the preventive andguard against China's real estate bubbles of relevant policies and Suggestions.