| With the development of real estate market, the housing price is increasingly rising up. Therefore, how to promote the healthy development of the real estate market has been drawn attention by the whole community. The real estate industry is a capital-intensive industry and the monetary policy plays an important role in its effective control. However, being a large developing country with unbalanced economical development in different regions, China’s real estate market development is also different in different regions. In the discussion on how monetary policy affects real estate market in the process of development, the study of the regional differences in the development of the real estate market caused by monetary policy is very important. Through the relevant literature review of many scholars, it is found that their studies on monetary policy’s impact on real estate markets is through the interrelationship between monetary policy and the real estate market, without taking into account the heterogeneity of the real estate market. At the same time, some influence are mainly talked from the perspective of regional differences and changes in real estate prices which affect the existence of a regional effect of monetary policy on real estate, while without further studying it from the perspectives of real estate supply and demand. Thus, this paper attempts study monetary policy implications of regional differences in the development of the real estate market through to three perspectives-the supply, the demand and the price. And on the basis of the studies in the past, this article studies the impact of monetary policy on the regional market of real estate development, from the theory of optimum currency areas, the effectiveness of monetary policy, the non-symmetrical monetary policy, as well as theory of classic economics. The author has selected35large or medium cities in China from1999to2012as the data sample. The study conducts empirical research on the impact of monetary policy on regional difference of the real estate market by using panel data models, error correction model and VAR models, and the impulse response function.Results of this research show that:Chinese monetary policies producing varying degrees of impacts on the demand, supply and prices of real estate market in different regions, which supports that the impact of monetary policies on the real estate market development in China are different in different regions. From the perspective of demand, the long-term effects of the number of monetary policy instruments in Central and Western China are stronger than Eastern China, and the reflection on short term loan balances in Central China is relative more obvious than that to Eastern and Western China. From the perspective of supply, the long-term impact of the supply of real estate by the loans given by financial institution in Central and Eastern China is greater than that in Western China, and the long-term impact of the volume of money supply (M2) in Central and Western China is stronger than that in the Eastern China. In the short term, the money supply and real estate supply in various regions are changed in the same direction, but the effect of the former in the East China is obviously greater than that in Central and Western China. From the perspective of price, the impact of home price index in Eastern China on the loan balance is significantly stronger than that in Central and Western China. At the same time, the real estate prices in Eastern China are easier affected by the interest rate than that in the Central and Western China. In addition, the impact of money supply in Eastern and Western China is greater than that in Central China. And, the increase of money supply has contributed to the expansion of real estate investment and real estate consumption, which further causes large increases in house prices. |
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