| Although our country’s real estate market is booming, but also brought many problems, such as:the gradual rise in house prices is far more than people’s purchasing power. This article is from thepoint of view of finance in this context to study what impact the national monetary policyadjustments on the real estate industry will be, and how to play the regulatory role of the marketprices.System Overview Firstly, on the basis of the results of the study of the relationship betweenmonetary policy and asset prices, the theory of the monetary policy transmission mechanism isanalyzed in two ways from the monetary channel and the credit channel, as well as the conduct ofmonetary policy, the real estate prices pathways The theoretical analysis.Secondly, based on vector auto regression model from two aspects of the bank interest rates,money supply, real estate prices fully using Eviews6.0software to collect data from February2004to July2012data, through empirical study analysis of the validity of monetary policy control realestate prices, the empirical analysis to verify the central bank policy tools to adjust the moneysupply and cause prices to change in the same direction; negative impact of changes in interest rateson real estate prices; at the same time prove the money supply and bank interest rates can explain tosome extent the trend of price fluctuations, changes in interest rates on China’s real estate prices canonly produce relatively weak impact of the central bank to adjust the money supply to control priceseffect than interest rates means significant.Finally, now the introduction of the implementation of the monetary policy and based on theresearch, and from the three aspects of the real estate market and monetary policy system andrelated fields to effectively regulate prices I think more effective recommendations, I hope therelevant departments of this in-depth research, eventually be able to be incorporated into the systemof regulation theory. |
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