我国房地产价格变动特征及其影响因素的实证研究.pdf

VI prices.In addition,the fluctuation of China’s house prices is higher than Japan’s house prices. Therefore,it is strongly suggested that we should pay more attention to the short-term fluctuation risk in the process of regulating and controlling China’s real estate market. In chapter 6,based on Chinas monetary policy,this paper has made a series of analysis and evaluation on the regulation effects of the real estate market.Firstly,with the impulse response to verify the central bank’s response(the implementation of tight monetary policy)to the real estate market raising prices.But both from monetary policy’s response to the real estate market and monetary policy’s effect to the real estate market regulation,there is a certain lag.Secondly,with the use of panel data models,the effects of Chinas monetary policy on the regulation of regional real estate market have been compared,and the results show that the level of disposable income and monetary policy are the main factors affecting real estate prices,both being the same direction and significant.In contrast,although the number of local population reflects the needs of the real estate market,its effect on the real estate prices is not significant.In addition,the commercial real estate area of this year as a single of the real estate market supply,its impact on the real estate is not stable,because our residents to purchase real estate consider more of their own capacity,rather than the market supply and demand conditions.Finally,the regulation effects of money supply between financial institutions’growth rate of loans have been compared. The results show that tightened monetary policy can effectively inhibit the rising real estate prices,but the effects of different policy instruments on the real estate market have showed significant differences,in particular,the adjustment of financial institutions’loans compared with money supply,can impact residents’housing demands directly,and play a bette