A Study On Influential Effect Of China's Monetary Policy Through Real Estate Prices

Since 1998,historic changes have taken place in the urban housing system in the moment,cancelled the collective welfare housing system,and realize the housing commercialization and socialization;At the same time,set the public accumulation fund for housing construction system,establish the policy and commercial housing credit system,which provides the premise for the commercial housing system deepening in the future.With the rapid growth of China's economy,the real estate industry became more mature than before,the ratio of real estate investment in the real economy gradually increased,it also brings big impact each local regional economy,and even become an important source of local government economy.From another aspect,the birth of commercial housing policies become a new channel of monetary policy transmission mechanism,enriched the scope of monetary policy at the same time,also increased the central bank to control the difficulty of the economy as a whole.Therefore,research on the transmission mechanism of monetary policy on real estate prices in China,promote the sustained development of China's real estate industry in good health,has the vital significance.This article entry mode from the perspective,discuss with the effect of monetary policy on real estate price and price changes of real estate affect the real economy entity to find the effective rule of economy,summarized the advice of policy for transmission mechanism of monetary policy on real estate prices in China,promote the prosperity of the real estate industry,finally realizes the economic targets over the next five years.This paper is divided into four parts: firstly,state the background of theory and research meaning,and refer to the Chinese and foreign literature research to train of theory thought,establish the analysis basis for below state.Secondly,this paper introduces the basic theory of monetary policy transmission mechanism.On the one hand,this paper introduces the ultimate goal for monetary policy,monetary policy intermediary target and the monetary policy tools;On the other hand,state the basic principle of monetary policy transmission from each side of the interest rate,exchange rate and price of rights and interests;And at the same time,the paper discusses the transmission mechanism of monetary policy on real estate prices,to be specific,the monetary policy have an effect on economy with the channel such as interest rates and credit.Thirdly,introduce the general development of China's real estate in the past 20 years and the monetary policy bring positive and negative effect of the real estate market in different periods,explain the inevitable connection between them with the fact.Finally,in view of the above,this paper puts forward suggestion for the transmission mechanism of monetary policy on real estate prices in China,in order to improve the monetary policy system and the real estate market in our country.