Study On The Impact Of Credit Policy On Regional Differences Of Commercial Housing Price

The development of China's real estate market began with the reform of the housing system in the 1980s.After nearly 40 years of cultivation and development,the market mechanism has been initially established to allocate real estate resources.Real estate plays a fundamental and leading role in the national economy.Its industrial chain is long and involves many industries and departments.If housing prices are frequently fluctuating and generating bubbles,it will lead to a financial crisis that will impact the development of the national economy and have a serious impact on social and economic development.Real estate has an immovable character and regional characteristics are obvious,so the real estate market is a typical regional market.Due to the differences in the level of economic development in various regions,the real estate market in different regions has become different,and the trend of rising house prices in the eastern region is more obvious.Moreover,due to the regional characteristics of the real estate market,it is not possible to analyze the role of credit policies in housing prices from the national level,and to analyze them from the region.The real estate industry is a capital-intensive industry.The real estate credit business is an important asset business of banks and one of the main sources of income for commercial banks.In recent years,the amount of credit provided by banks to the real estate industry has continued to expand,driving the rise in housing prices.Therefore,credit policies and the development level of financial markets have an important impact on the real estate industry.This paper attempts to study the influence of credit policy on regional differences in commercial housing prices from both theoretical and empirical aspects.This paper focuses on the theoretical basis of real estate related theory and the impact of credit policy on housing prices.Then,by reviewing the specific regulatory content of credit policies over the years and the current situation of China's real estate market,it is found that credit policies have a certain time lag;The number of real estate enterprises,the scale of investment and the distribution of funding sources analyze the reasons for the regional differences in the development of the real estate market;finally,the panel VAR model is established,and the quarterly data of the country and 31 provinces and cities in 2009-2018 are selected,mainly through impulse response and variance decomposition analysis.The credit rate,credit scale and GDP impact on housing prices in different regions have the following conclusions:(1)The real estate market in different regions has different responses to credit policies.Because of the different tools of credit policies,the impacts are different.The central and western regions are affected by policy instruments to varying degrees;(2)interest rates,loan volumes,and GDP have long-term effects on housing prices,and there is a balanced relationship between variables;(3)credit rates and scales are all Have a greater impact and rush,To raise lending rates and reduced loan size can effectively achieve the purpose of price regulation.The following policy recommendations are proposed for the conclusion:(1)Improve China's credit policy system and implement differentiated credit policies;(2)Improve China's real estate financial system and prevent real estate financial risks.