房地产市场货币政策效应研究——基于国际数据的比较分析世界经济专业论文.docxVIP

Abstract In recent years, the real estate market gained fast development, especially in a large number of developed countries; the real estate industry has become a pillar industry of the country, making great contribution to the development of national economy. But they have to see the overheating real estate industry also brought a lot of negative effects. The United States plays a leading role on the world economy ,its open market economy laid a solid foundation for the vigorous development of the real estate market, but at the same time, the fully market economy environment has also increased the difficulty of the control of the government. Therefore, how to maximize the effectiveness of monetary policy in the real estate market, become a problem that have to be solved. This paper is trying to make empirical research using international data, comparing the difference of monetary policy in the real estate market and analyzing the influential factors, and eventually provide policy suggestions to improve monetary policy effect in Chinas real estate market. The author settled the existed literature .And on that basis, summarized three main monetary policy transmission ways to the real estate market. Then, quoted the quarterly data from2000 to 2010 of America, Japan, Europe and China made empirical research. The M2 and R represents the monetary policy, the housing sales price index P represents the real estate market. Through the correlation ADF test, Johansen inspection, Granger test, VAR model and impulse response analysis, concluded that monetary policy effect in the real estate market are difference. On this basis, the author compared the situations of the four economies in the national prosperity, urbanization level, the perfect degree of housing financial market, the central banks independence, the government behavior and the regional differences. Analyze their effect to the monetary policy of the real estate market. Then, put forward several suggestions to im