The Difference Of The Monetary Policy Transmission Effect In The Regional Real Estate Market

Real estate has investment characteristics,and real estate industry belongs to capital-intensive industry.Therefore,monetary policy plays an important role in the development of the real estate market.It is especially reflected in the regional level,especially in the regional level.The differences in various factors such as natural endowments of geography and the level of economic development have caused the differentiation of the unified monetary policy on the control effect of the real estate market.At present,the target and effect of the accurate regulation in the real estate market are very different in the regional real estate market,so it is necessary to study the difference between the monetary policy in the regional real estate market and the difference of the real estate market.It can not only improve the transmission theory of monetary policy,but also help the government give full play to regional comparative advantages and adopt better policy instruments to improve the effectiveness of monetary policy regulation.Based on the theoretical research on the transmission of monetary policy and the regional effect of monetary policy,this paper analyses the mechanism of the monetary policy in the regional real estate market.Theoretically,this difference is mainly reflected in two aspects: urban economic development and real estate market.In this paper,we use vector autoregression model to explore the transmission difference between price type and quantitative monetary policy in different types of urban real estate market.The main research contents are: Based on the mechanism of monetary policy transmission difference in the regional real estate market,a comprehensive evaluation index system is set up from the two dimensions of the urban development base and the performance surface of the real estate market.The 30 large and medium-sized cities in China are classified into four types of attribute cities by this evaluation index system.The monthly data of the average sales price,the price type monetary policy(interbank lending rate)and the quantitative monetary policy(the generalized money supply)from 2008 to 2016 were selected and analyzed by the vector autoregressive model.All index data are checked by the stationarity,lag order,cointegration and Granger causality of VAR model.Fitting out the relationship between monetary policy and various types of urban commercial housing sales prices.The impulse response function(IRF)of the vector autoregressive model is used to measure the dynamic transmission effect of price and quantitative monetary policy in the four types of urban real estate market respectively.It also analyzes the difference between the two types of monetary policy in different cities and the corresponding policy measures.The results show that China's monetary policy can affect the real estate price and regional economy with a time lag in regulation,and the transmission of price and quantitative monetary policy in different regions of the real estate market is different.According to the conclusion of theoretical and empirical analysis,some suggestions are put forward,such as respecting the law of monetary policy transmission,selecting monetary policy tools according to local conditions,speeding up the process of interest rate marketization,and perfecting the construction of financial system.