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内部经济的非同质性决定了货币政策存在区域效应。无论从房地产需求、房地产供给还是房地产的金融支持来看,房地产市场具有显著的区域性,强化了货币政策在房地产市场的区域效应。本文将房地产供给面分解为四个指标,即土地购置面积、土地开发面积、房地产开发投资额以及施工面积,分别从房地产需求和供给面两个层面考察货币政策在房地产市场的调控效应及其区域差异,结果发现,利率、信贷规模对房地产市场存在显著的区域效应,对中西部地区的抑制效应要普遍小于东部地区,对房地产先行性指标的影响要大于当期指标。因此,只有明晰货币政策区域效应、滞后效应对房地产需求和供给不同的抑制效力,才能建立全面的、具有区域特征的房地产市场评价指标体系。
The non-homogeneity of the internal economy determines the regional effect of monetary policy. In terms of real estate demand, real estate supply or real estate financial support, the real estate market has a significant regional, strengthening the regional effect of monetary policy in the real estate market. This article will be divided into four indicators of real estate supply surface, namely, land acquisition area, land development area, real estate development investment and construction area, respectively, from two aspects of real estate demand and supply side of monetary policy in the regulation and control of the real estate market and its area The results show that the interest rate and credit scale have significant regional effects on the real estate market, and the suppression effect in the central and western regions is generally less than that in the eastern region, which has a greater impact on the leading indicators of real estate than the current indicators. Therefore, only by clarifying the regional effect of monetary policy and lag effect on the inhibitory effect of real estate demand and supply, can we establish a comprehensive evaluation index system of real estate market with regional characteristics.