Comparative Analysis Of The Impact Of Currency Policy On Real Estate Prices In China And The United States

As the pillar industry of the national economy,the real estate industry has promoted the growth of the Chinese economy and brought considerable economic benefits to the society.However,in recent years,the continuous and rapid growth of real estate prices has also brought about serious social problems.Today,the housing price issue has become the focus of the people's attention.How to curb the rapid growth of real estate prices is an important part of the country's macroeconomic regulation.Money supply M2 and long-term loan interest rates are important factors affecting real estate prices.In order to stabilize the real estate market,the central bank has adjusted the money supply M2 and long-term loan interest rates several times in order to carry out macro-control over real estate prices.After a long period of development,the real estate industry in the United States has gradually matured.Its development experience has important implications for the development of China's real estate industry.Therefore,this article compares and analyzes the real estate prices in China and the United States through the comparison of the two countries' money supply M2 and long-term loan interest rate in recent years,and provides some reference significance for curbing the rapid rise of China's real estate prices.The quarterly data of China from 2008 to 2017 and the quarterly data of the United States from 2013 to 2017 were collected.Using the EVIEWS 7.2 software,a vector autoregressive model for long-term loan interest rates,money supply M2,and sales prices of commercial housing in China and the United States was established.Empirical analysis.In the process of analyzing the vector autoregressive model,the effect of long-term loan interest rate and money supply M2 variable on real estate prices in China and the United States is determined through the impulse response result graph.The long-term loan interest rate and money supply M2 variable pairing are obtained by using the variance decomposition method.The degree of contribution of the impact of real estate prices in the United States.Through research,it has been found that money supply M2 has a positive impact on real estate prices in both China and the United States,both of which have a greater impact on house prices in the previous period,and the degree of impact in the later period is getting smaller and smaller.Compared to the long-term loan interest rate,the money supply M2 also has a greater contribution to real estate prices in China and the United States.This article concludes that by reducing the growth rate of money supply M2,China's real estate prices can be gradually stabilized.As China's real estate industry gradually matures and the degree of marketization continues to increase,prices will also be obtained by taking measures to curb money supply M2.Effective control.