Based On The Regional Differences Of Monetary Policy In The Real Estate Market Regulation Effect Research

In the 21st century, our country get a rapid development in the real estate market, each region experiences around the speculative investment boom, and rising house prices,high housing prices have been far more than the general purchasing power of the residents. In order to promote the healthy and harmonious development of the real estate market, the property market regulation measures introduced gradually. Central Banks have also use the monetary policy regulation real estate market, the effect produced results, but progress is slow, the real estate bubble hidden trouble. Nationally, this round of round of regulation and control policy failed to achieve the desired effect, and major cities housing prices remain strong,effective control of small and medium-sized cities housing demand. So from the perspective of regional research the effect of monetary policy in regulating the real estate price and effect, to improve and raise prices and monetary policy to develop regional differentiation of the real estate market policy measures, strengthen the prevention and control of the real estate bubble problem has practical significance.Firstly, This paper points out that the use of monetary policy regulation real estate market in our country the necessity and theoretical basis;Second, the monetary policy through interest rates, credit and asset portfolio and expected explain the mechanism of regulating the real estate price bubble, further review in different stage of monetary policy in regulating the real estate market overall effect and the effect of regional difference based on the review, from the perspective of the theory of monetary policy in regulating the real estate market bubble in regional differences in the status quo, causes and mechanism of action of related factors; and then, on the basis of theoretical analysis, from the level of regional economy, the real estate market development, comprehensive consider of monetary policy to select eight evaluation index as clustering factors,30 provinces, autonomous regions and municipalities directly under the central government of our country to carry on the clustering analysis, will be divided into fast development in our country, the middle three types of regional economic development, slow development,and collect various areas in the first quarter of 2003-the fourth quarter of 2013 real estate the average sales price, bank credit, the actual 1-year lending rate, urban per capita disposable income and other variables of panel data, establishing different areas in our country real estate market prices and monetary policy PVAR model, and impulse response and variance decomposition to the empirical analysis, empirical research on China’s monetary policy on the real estate market price in different parts of the control effect, Overall credit adjustment function to house prices than interest rate changes, and either in the bank credit or the interest rate changes is not the same regulatory effect exists obvious difference of regional real estate prices, with the reduction of developed effect weakened the impact of interest rates on house prices, credit adjustment in the region of the middle class economy play a bigger role, comprehensive theoretical and empirical demonstration result of monetary policy regulation real estate price bubble in China regional differences make a more detailed clear explanation; Finally, combining with our country present stage real estate markets and the macroeconomic regulation and control the fact that the proposed combined with the regional difference of a unified monetary policy regulation, coordinate with other policy tools, set up the long-term mechanism to the healthy development of the real estate market, improve the effect of monetary policy on real estate market regulation policy recommendations.