| Has implemented the housing reform since along with the 1990s our country, the real estate profession depends the foundation - land supply which develops to increase greatly, financial organs and so on banks expand to property developer’s credit aid, the real estate profession started the development which progresses by leaps and bounds, has become in the national economy pillar industry gradually, impels economic growth enormously. Followed the economy growth and the support of the real estate policy, the real estate profession while is obtaining the development also to raise a series of problems. First, high house price bringing about high Housing Price-to-Income Ratio, the resident suffer the big pressure of live, has restricted the growth which the residential building expended. Second, insufficient supply of the newly built small house, the low end ordinary commodity houses.The low-rent housing supplies are very few, the government investment coverage is small, has not take the develop the low-rent housing as the important policy.Third, the real estate business innate fund proportion is low. Our country real estate fund mostly come from the bank loan, the land mortgage loan, the unmet needs is not small, also the financial system risk is big.In order to curb high prices, inhibit overheating of the real estate market and other issues affecting people’s livelihood, the government introduced various policies such as tax revenue and land policy and monetary policy to control real estate market. Among them, the monetary policy tools because of its controllability and effectiveness become the government and central bank regulation of economic activities, a powerful tool. This paper analyzes the transmission of monetary policy effects in the real estate market in several key ways, then use the 2008 to 2010 monetary policy to do an empirical test.Among the channels of monetary policy transmission, the interest rate and credit channels is the main pathway approach. Channels of monetary policy through interest rates on real estate prices will primarily affect the residents on the needs of buyers, determine their level of repayment of the balance of the residents, the residents of the purchase cost of the purchase will affect the needs of the residents. On the other hand, the interest rate is also as real estate development costs,it affect the cost of real estate investment, development will. The transmission of credit means the money supply is mainly the media, adjust the money supply, monetary policy is the most important policy tool. Government or central bank monetary policy objectives formulated by the central bank in the open market, through open market operations, rediscount, the statutory deposit reserve ratio adjustments and other monetary policy tools to change the circulation in the market in the money supply, thus affecting Commercial banks and other financial institutions under their loans, loan size, in order to affect real estate developers, financing capability, scale, adjust the scale of investment in domestic real estate developers to complete the objectives of monetary policy.In this paper, we introduced a general correlation test, ADF unit root test, cointegration test and Granger causality test results measurement method to test, the results show that: the interest rate as an important means of monetary policy, with real estate prices positive correlation, in the long run equilibrium relationship exists, but the correlation coefficient is small, the impact on real estate prices is not very obvious. Which, as another important central bank’s money supply control means, shown in the evidence of the real estate prices, slightly stronger influence on the interest rate on real estate prices. In the real estate prices on the real economy, real estate prices on consumption and investment are in line with expectations theory. Overall, monetary policy, by means of several major real estate price control regulation is not very effective, showing the correlation between variables is not obvious. In this paper, based on the transmission mechanism of monetary policy theory,we explain the monetary policy in the real estate prices in the pathway, and then analyzes the current situation and problems of the real estate industry. Through empirical analysis of statistical measures of monetary policy on real estate prices conduction effects and real estate prices on the real economy, finally provided the relevant policy recommendations.This paper describes the status of the real estate industry, analyse some problems of the real estate industry, and regulatory policies promulgated by the state. With the continuous introduction of control policies on the regulation of the real estate industry,it has not received good results. Then introduced the control of monetary policy transmission mechanism, intermediate objectives and policies of the pathway. After describe interest rate channels, monetary and exchange rate channels, we introduce several sets of macroeconomic indicators empirical data carry on the measurement test, then found that real estate prices in monetary policy transmission channels is not very effective, which led the author think about other regulatory policies, and finally put forward the policy proposal in order to perfect the monetary policy transmission mechanism of real estate prices,improve transmission efficiency. |
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