A Study On The Crowding-out Effect Of Housing Industry To Entity Industry

After the outbreak of the economic crisis in 2008,the world's economy was impeded.In such a situation,China adopted a loose monetary policy to stimulate economic development.But under the stimulation of loose monetary policy,the development appeared the phenomenon of imbalance.While the recovery of entity industry was slow,the housing industry grew rapidly,the house prices were getting higher and higher.The pur:pose of this paper is to explore the reasons for the unbalanced development of entity industry and housing industry in monetary policy,and to verify whether the housing industry has a crowding-out effect on the development of the entity industry.To answer this question,there are two main aspects in this research:First,weather the vigorous development of the housing industry occupies entity industry's credit funds,so that the monetary policy cannot effectively stimulate the increase of the productive investment.Second,whether the development of housing industry can indirectly stimulate the development of the entity industry by stimulating consumption.In this paper,we sort out the relevant concepts and research achievements of monetary policy and wealth effect systematically,and then construct a theoretical framework,.Based on the theoretical framework,a 5 variable PSVAR model is built.The results show that the different effects of monetary policy between housing industry and entity industry are existed.The housing industry has been promoted more strongly than entity industry.In another side,the development of the housing industry cannot stimulate the consumption obviously,the wealth effect is weak,so it's hard to promote the development of entity industry indirectly by developing housing industry.The above research proves that the housing estate industry has squeezed out some of dividends of the entity industry brought by the loose monetary policy.In the end,this paper proposes a strategy to solve the industrial asymmetry of monetary policy effects to help achieve the policy objective better.The main innovation of this research is to bring the housing industry and the entity industry into the model simultaneously,and the samples of this paper—29 provinces,are divided into three regions,such the article research on the asymmetry of monetary policy involves both the industry asymmetry elements and area asymmetric elements.At the same time,we considered both the negative and positive impacts f the housing industry on the entity industry,and consider the conclusion comprehensively.