| The real estate market develops fast, which becomes an important economic growth point inour national economy, also increases financial risks, real estate prices have continued to rise hascaused our government to pay high attention. A series of monetary policy plays an important rolein controlling prices, but because the real estate market of large regional differences, real estateprice around showed significant difference, a unified country monetary policy have variousregulatory effects on different urban real estate price. By using provincial data from1999to2010to sets up a model between monetary policy and provincial data, based on the demonstrationresearch result, then emphasized unified country monetary policy have various regulatory effectson different urban, finally give some policy suggestions based on this situation.Studies show that:(1) On the whole, monetary policy has a role on housing price’s fluctuation,different monetary policy on different urban real estate price have various regulatory effects, thecredit transmission channel play the most important role, in current China the credit transmissionchannel plays a bigger role than the adjustment of interest rate on the real estate price, real estateprices are is proportional to the interest rates, the adjustment of interest rate has little influence onthe real estate price.(2) Unified country monetary policy on different urban have various regulatoryeffects, credit policies plays a bigger role in high-priced places than middle-priced places on thereal estate price; middle-priced places are reasonably consistent by monetary policy; the regulativeeffect of monetary policy are not same in low-priced places, the real estate price of the centralregion are mainly affected by the individual income level and the local economic developmentlevel, the credit transmission channel play an important role in the western regions.(3)Theencouragement role of monetary policy on real estate price is better than inhibitory effect. |
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