International Conference on Construction and Real Estate Management 2016
Analysis of the Impact of Monetary Policy on the Real Estate Prices in China Based on the View of Money Supply
Publication: ICCREM 2016: BIM Application and Off-Site Construction
ABSTRACT
Standing in the view of money supply, this paper works to examine the impact of money supply adjusted by monetary policy on real estate prices. During the empirical studies, vector auto-regression model is adopted to test the impact by using quarterly time-series data from 1998 to 2015. Evidence suggest that a two-way granger causality exists in monetary policy and real estate price; Monetary policy’s transmission has time lag and in order to make the real estate prices remain stable, we should make prevent policy in advance; We must control the excessive growth of housing prices effectively from the source and at the same time the Central Bank need to adjust monetary policy framework and inflation target for controlling the excessive growth of money supply.
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ACKNOWLEDGMENTS
We thank the ministry of education of humanities and social science research project “The choice of China’s monetary policy framework: theoretical basis and operating arrangement” (08 JD790002) for funding.
REFERENCES
Chen, C. (2013). “The money supply, an empirical analysis of the impact on the real estate market.” Modern Economic Information, (2), 12. (in Chinese).
Cheng, S. (2015). “The influence of the money supply on real estate market in China.” Journal of SUEE, (S2), 59–60. (in Chinese).
Ge, S.W. (2011). “The influence of interest rate changes on Chinese real estate market.” Modern Marketing (School Edition), (5), 96–97. (in Chinese).
Su, D. (2013). “Commercial bank credit policy impact on real estate market.” China Collective Economy, (10), 78–79. (in Chinese).
Yu, Q. (2013). “Dependence on the national credit policy for real estate enterprises.” Foreign Investment in China, (6), 262–263. (in Chinese).
Information & Authors
Information
Published In
ICCREM 2016: BIM Application and Off-Site Construction
Pages: 1114 - 1120
Editors: Yaowu Wang, Ph.D., Professor, Harbin Institute of Technology, Mohamed Al-Hussein, Ph.D., Professor, University of Alberta, Geoffrey Q. P. Shen, Ph.D., Professor, The Hong Kong Polytechnic University, and Yimin Zhu, Ph.D., Professor, Louisiana State University
ISBN (Online): 978-0-7844-8027-4
Copyright
© 2017 American Society of Civil Engineers.
History
Published online: Aug 14, 2017
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