Dissertation
Dissertation > Economic > Fiscal, monetary > Currency > China's currency > Principle of policy and its elaborate

A Study of China’s Monetary Policy Transmission Mechanism on Real Estate Price

Author WangPan
Tutor WangAiJian
School Tianjin University of Finance and Economics
Course Finance
Keywords monetary policy real estate price consumption investment
CLC F822.0
Type Master's thesis
Year 2012
Downloads 32
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As a pillar industry, the development of real estate plays a decisive role on the growth of national economy. At the same time, we should also be alert to the overheated development or even bubble of real estate industry. Throughout the adjustment and control policies for real estate in China, the unprecedented strength of adjustment and control does not perform obvious effects. By means of theoretical and empirical methods, this paper focuses on the real estate price transmission mechanism of monetary policy, to sum up basic rules, which will provide empirical support for scientific and effective regulation on real estate price control, and then promote sustained good performance on real estate industry to the normal work of real economy.Firstly, the research background and topics significance of this paper are discussed in the introduction part, and then the impacts of monetary policies to real estate price and price changes to real economy in domestic and foreign literature are illustrated in details. Finally, the research methods in this paper and possible innovations are introduced.Secondly, the theory and practice analysis of monetary policy on the impact of real estate price states in four conductive paths:interest rate channel, credit channel, capital structure choice of channel and exchange rate channel, which provides theoretical support for the empirical analysis in the fourth chapter. Furthermore, through a combination of domestic and foreign historical practice of monetary policy influence and effects on real estate price, this part mainly introduces the real estate bubble happened in Japan in nineteen eighties, in Thailand in nineteen nineties. And the author also presents the frequent regulation policies the government made on real estate overheating in China since we entered in twenty-first Century.Thirdly, on the basis of theoretical pectination of chapter two, monthly data of monetary supply, interest rate and real estate sales price from Jan.2000till now are chosen to make empirical analysis, whose results basically support conclusion and suggestions in this paper.Next, the theoretical and empirical analyses of the second phase of real estate price transmission mechanism in monetary policy are done, which will estimate the effect of real estate to national economy. To be specific, the second phase is the effect of real estate price changes to the investment and consumption in the real economy.Finally, on the basis of theoretical and empirical analysis, the author summarizes the impacts of monetary policies to real estate price and price changes to real economy, and puts forward some constructive suggestions.

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