Difference Analysis On The Impact Of Monetary Policy To The Different Types Of Urban Real Estate Prices

ince 1998, the welfare housing distribution system thoroughly collapse, the real estate industry entered the era of market economy. The rapid development of the real estate industry, which is beneficial to the sustainable development of economy in our country. But with the rapid development of real estate industry, housing prices had the rapid rise of the decade, which have had a significant impact to the national economy and People’s Daily life.In order to limit the rise in house prices, so that the real estate industry can make a stable and healthy development, the state introduced a lot of policy, including monetary policy as the primary means to control prices for the regulation of the real estate market should not be overlooked. About monetary policy impact on real estate prices, academic conducted a lot of research, but mostly from the overall level of research, on the specific subdivision provinces and cities, there is little. This article mainly from the perspective of regional, our country city was divided into different levels, respectively, to study the effect of monetary policy in the different city real estate prices. This article selects the city commercial housing sales price as a representative of the real estate prices, interest rates, real estate development financing source of domestic loans and self-raised funds and M2 as the indicator of monetary policy, on the basis of the panel data model based on empirical analysis of currency Policy on China real estate prices in different cities.Through empirical analysis can be seen: the various indicators of monetary policy and real estate prices are co-integrated, which influence on the price of each city’s M2 is positive; real estate development funding in the self-financing effect on prices in different cities have the difference, first-tier and third-tier cities are positive impact, the second-tier cities have both positive and negative impact, but the negative impact is not obvious; the impact of real estate development and financing of domestic lending rates except for a very few cities are positive than negative relations, the most significant impact on the first-tier cities housing prices, second and third lines are followed; interest rate on real estate prices have both positive and negative impact, which may react to interest rate policy in cities and speed related. According to the empirical analysis conclusion, the paper finally gives the corresponding policy recommendations.