| With the development of the economic and social in our country,the real estate market has become an important market for our country and occupies a pivotal position in the economy.Real estate investment has become an important part of the investment in fixed assets.Real estate has become an important force that directly promotes economic growth.As the real estate industry is in the middle part of the national economy chain,it has a strong correlation effect and can promote the building materials,metallurgy,machinery manufacturing and other industries through the forward effect,and can also promote the renovation,home appliances and finance industries through the backward effect.Since the end of our country welfare housing distribution,real estate into the marketization,China's real estate prices have undergone tremendous changes,real estate prices continued to rise steadily,high real estate prices,a large number of social capital into the real estate market,real estate has not only become a residential habitat,It has also become an important investment and speculation tool.This paper uses year-on-year data of 70 cities in large and medium-sized cities and chooses the liquidity index of money supply and interest rate.By regression,we find that liquidity is an important factor that affects real estate prices in China.The rise of real estate prices in our country is largely related to liquidity At the same time,liquidity is a long-term factor that affects real estate prices.The changes in money supply and interest rates all can affect real estate prices for a long period of time.The real estate market occupies an important position in the national economy.The development of the real estate market is not only related to economic development,but also to everyone's life.The real estate market is affected by the government policy.Therefore,the government policy on the real estate market is an important factor affecting real estate prices.In different periods of the real estate price change and the economic situation,the government adopts different policies on real estate.By studying government control policies on liquidity in the real estate market and adding dummy variables to the regression model,the results show that government policy has a significant impact on the real estate market and real estate prices.When the government relaxes liquidity,loosing money supply and interest rates,we can see a significant rise in real estate prices,and can curb the excessive rise of real estate prices when tightening liquidity,tightening monetary supply and interest rates.Because real estate can't be copied and can't be copied,real estate prices have different performance in all regions and cities.By studying the relationship between housing prices and liquidity in 12 cities,we establish the panel model,the results found that Beijing,Shanghai,Guangzhou and Shenzhen as the first type of cities and Tianjin,Qingdao,Zhengzhou and Wuhan,the second type of cities and Wuxi,Wenzhou,Huizhou and Jinhua,the third type of cities are sensitive to liquidity and.In the more economically developed regions,the change of housing prices is more remarkable,and the intercepts are also larger when there are the same proportion of liquidity changes in the model.Compared with second-hand housing,new housing prices are more sensitive to changes in liquidity. |
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