The Regional Effect of Monetary Policy:Evidence from Real Estate Market in China
研究货币政策在中国房地产市场的区域效应，发现利率对东部地区需求抑制效果更好，而中西部地区更受银行信贷影响。
Heterogeneity among the internal economy determines the regional effects of monetary policy.In terms of demands,supplies and financial support,real estate market has significant regional effect,which strengthens the regional effect of monetary policy in the real estate market.The paper dwells upon transmission effect and its difference as far as real estate demands and supplies are concerned.The results shows that:(1) The interest rate would be required to reach a certain point which can effectively control real estate demands,and it shows the better effect in the eastern region than the central and western regions.(2) In the national level and at the eastern region,the increase in current interest rates can inhibit to some extent the area of land acquisition.Investment in real estate development is sensitive to the interest rate,which are obvious in national level and the eastern region.(3) The completion squares of real estate is not very significant to interest rates,but is very sensitive to the bank credit is very significant,which the central and western regions are obviously affected by bank credit.So,the regional effect of monetary policy exists in real estate market.