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Although Chinas real estate market (CREM) has made a remarkable progress after its commoditization in 1998,the market is running high and distorted.This paper examines the relationship of Chinese government and CREM by studying the monetary policy and its impact to the property market.We analyze the policy impacts through three key monetary instruments: M2,base interest rate and reserve requirement ratio,and exchange rate.By using multiple regression and least squares method,studying the comprehensive analysis of interest rate and housing sales indexes,and comparing the exchange rate and foreign capital in CREM,we get three conclusions: M2 determines the property investment; base deposit- and lending- rate has negative impact to housing sales indexes; exchange rate influences the scope of property investment.The conclusions mean that Chinese government should be responsible for the distortion of property market.Then we propose some practical suggestions to the authority.