论文部分内容阅读
房地产市场波动如何影响产出增长、经济结构调整以及民生福利,一直以来都受到理论界和实务界的广泛关注和讨论。本文对房地产价格如何影响实体经济以及房价形成机制的国外相关前沿理论进行梳理,并结合国内相关研究对中国房地产市场拉动经济增长的特点和效率等问题进行了理论分析和特征比较。从当前研究情况看,我国房地产市场与经济运行的关系相比欧美国家更加复杂,其投资对其他产业的带动以及在财政收入中的重要地位,使得我国地方政府发展房地产市场的内在动力更强,但财富效应和抵押品渠道的弱化使得我国房地产对实体经济的拉动效率较低。另一方面,特殊的消费者效用结构与政府干预使得我国房地产价格的形成机制与欧美国家也有显著差异,并显著影响到其与经济增长的正向联动关系。
How the real estate market fluctuations affect the output growth, economic restructuring and livelihood welfare, has been widespread concern and discussion of theorists and practitioners. This paper reviews how the real estate prices affect the real economy and the related foreign frontier theory of housing price formation mechanism, and makes theoretical analysis and feature comparison on the characteristics and efficiency of domestic real estate market driving economic growth. From the current research situation, the relationship between China’s real estate market and economic operation is more complicated than that in Europe and the United States. The driving force of its investment on other industries and its important position in the fiscal revenue makes our local government’s inherent motivation to develop the real estate market stronger. However, the weaker effect of wealth and the weakening of collateral channels make the real estate in our country inefficient to the real economy. On the other hand, the special consumer utility structure and government intervention make the formation mechanism of China’s real estate prices also have significant differences with European and American countries, and significantly affect its positive relationship with economic growth.