| Since the reform of the housing system in 1998,the real estate industry in China has developed rapidly and has become one of the main driving forces for the rapid economic development in China.It plays an important role in stimulating economic growth,increasing fiscal revenue,creating employment opportunities,improving living conditions,and promoting the development of related industries.How to use the real estate industry to promote economic development,while not allowing home prices to grow too fast,is a problem that China urgently needs to solve.This article reviews the real estate industry's regulation and control policies from 1998 to 2016 and finds that monetary policy has always been the first choice of the central government.China has a vast land area.There are huge differences in real estate prices in the east,middle and west regions.For the same monetary policy stimulus,there are also differences in the prices of housing prices in different regions.Based on this phenomenon,this paper starts from the national and inter-provincial level respectively to study the effect of monetary policy on real estate prices in the country and regions.Firstly,this paper reviews the domestic and foreign literature research on the impact of monetary policy on real estate prices and regional differences.After explaining the relevant concepts of monetary policy and real estate industry,the transmission mechanism of China's monetary policy on real estate prices is clarified.Then,1998-2016 years of China's real estate industry and monetary policy were phased out,and the influence of monetary policy on real estate prices in China was described in detail.Then,the monthly data of 1998-2016 years are selected as the research samples,and the VAR model is used to test the average price of commercial housing,the money supply(M2)and the 1 year discount rate of the commercial banks by the central bank to analyze the overall effect of the monetary policy factors on the real estate price in China.Finally,we select provincial variables and use panel data model to explore the regional differences of China's monetary policy on real estate prices and draw conclusions.Based on the above research,this paper puts forward corresponding suggestions for the development of real estate industry in different regions.In the eastern region,the economy is developed,the population is dense and the land resources are scarce.The price of house prices can be regulated from the supply side,such as the way of limiting the loan and limiting the purchase of real estate,and restraining the rapid growth of the real estate price.In the middle and western regions,the third industry is in the early stage of development,the financial system is not perfect,the financing channels of the Real Estate Company are limited,and generally rely on the bank loans.To this end,the government should encourage the region to upgrade its industrial structure and introduce talents and technology to enhance economic vitality.At the same time,financial institutions should also be set up to innovate financing methods to provide guarantee for Real Estate Company's financing needs and promote the rapid development of the real estate industry. |
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