China’s Research Of Real Estate Market Price Movements And Monetary Policy Implications Of Factors

Since the reform and open policy, the national economic growth persistently and national income improved significantly.that makes people’s consumption structure and investment structure difference. From1990’s, China urban housing system also began from welfare housing to the commercialization and socialization of housing, then from the beginning of2002our country practise bidding、auction to sell land implement policies to promote the rapid development of the real estate market, to the end of2003China’s real estate market prices reached a historic high level. In The end of2004domestic commodity house price index have rose to the highest level of122.27,with the real estate market of the excessive investment and excessive rise, to2007domestic flow excessive pushing up the price of stock index and real estate market,that has caused a series of problems about the economy and social. September2008the global financial crisis triggered by the U.S. subprime mortgage crisis has adjusted long-term economic growth of domestic real estate market price,2009country invested four trillion in order to stimulate the economy, in the loose monetary policy domestic real estate market price rose30percent year-on-year significantly, the long-term high hourse price aroused the attention of the central committee and the state council, and the middle of April2010state put into practice policies of " the new country ten"in order to stabilize real estate prices,, at the short time the article had excellent effects.house as People’s livelihood security which must be had the government’s macro-regulation, so can guarantee market prices not high excessive deviated from the practice in the market failure,called "home ownership in the house"Government macro policy of the real estate market including fiscal and monetary policy, land policy and industrial policy, etc., using these policy mainly is to suppress the real estate market price rise rapidly, realizing economy sustainable development and society harmony and stability. monetary policy As one subsystem of the macroeconomic regulation and control policy, main is to play a role on the government overall macro-control goal,at the same time real estate market price through various transmission mechanism has important influence on the central bank monetary policy, and governmental central bank through the monetary policy intervening the excessive growth of real estate market price, which also can realize the governmental central Banks stable monetary and financial system and to keep the ultimate goal of economic growth.As a pillar industry of the national economy, Chinese real estate industry related on more than140industries, with long industry chain and high correlation degree, that directly impact on so many industry development as steel, construction, chemical, electrical appliances, outfit play,etc. As a dynamic monetary policy in promoting economic, especially in policy regulation can’t give better response, and the response time delayed and duration of that has not yet been determined, so studying the problem could compensate for these disadvantages for perfecting theory which has important significance. after our housing system reform especially from2004China’s real estate market price rose on high speed in long time, during central Banks using monetary policy to regulate frequently during the time, and now the real estate market price remains an important index of government regulation, and Security housing is dominating the livelihood of the people. Therefore, researching the Chinese real estate prices changd and monetary policy affects factors, especially for monetary policy on China’s real estate prices change dynamic in-depth research has important theoretical significance,and indiscriminately throw out Suggestions of managing macro monetary economic policy to promote the healthy development of China’s real estate market and strengthen government macro adjustment of monetary policy which has very important practical significance.The research content ifrom the point of theoretical analysis to find market failure, government macro-control necessity and importance,have theoretical basis on the government as the main body of market. Then this paper analyzes asset market especially real estate market price change factors, and discusses transmission mechanism which is government conducting monetary policy to transmit asset prices, mainly from interest rate the conduction process, monetary supply the conduction process, exchange rate the conduction process to tell the governmental the monetary policy boosting market prices on the theory of affect process. The third is analysis of China’s real estate market evolution process, and put forward four stages theory on the development of real estate market in China scientifically, finally collect course which is government through three monetary policy controling market prices. The fifth is in government monetary policy guidance, establish interest rates, currency supply, exchange rates, real estate prices for variable SVAR (structure vector auto-regressive model) model, and using impulse response function and variance analysis method under SVAR model, through empirical evidence to analyze monetary policy change effect and a lagging effect in China’s real estate market. Last for puting forward to establish and promote the healthy development of the real estate market in China, the government ensuring the continuity and transparency of monetary policy, the central Banks which should make effective use of interest rates tools,Play the positive role of control the money supply, have impact on alleviating high foreign exchange reserves which also affects government monetary policy, and finally puts forward service functions to improve government entities at all levels housing safeguard, to ensure economic development in true "home ownership in the house".