金融摩擦视角下的房产税、信贷政策与住房价格

发布时间：2018-01-03 17:34

本文关键词：金融摩擦视角下的房产税、信贷政策与住房价格　出处：《财经研究》2013年12期 　论文类型：期刊论文

【摘要】：文章通过构建引入金融摩擦的新凯恩斯动态随机一般均衡模型,研究了在房产税税率和金融摩擦强度不同的情况下,住房价格受到各种冲击后的反应状况。研究发现:(1)当经济中存在金融摩擦时,房产税对房价的抑制作用会被削弱,但随着房产税税率的上升,这种削弱作用会减小;(2)房产税与紧缩房地产开发商贷款和紧缩个人购房贷款三者的政策组合与调高利率的货币政策对降低房价的作用相当,但房产税与信贷政策的组合对产出波动的影响较小;(3)金融摩擦效应的增强使企业信贷配给额度冲击成为影响房价波动的最主要因素,这说明当房地产行业得到的金融支持和信贷减少时,企业信贷配给额度的微小变动就会引起房价的剧烈波动。
[Abstract]:This article constructs the introduction of financial frictions in new Keynes dynamic stochastic general equilibrium model, in the study of the real estate tax rate and the financial friction strength under the condition of different reaction conditions, housing prices are subject to various impact. The study found that: (1) when there are financial frictions in the economy, inhibition of property tax on housing prices will be weakened but, with the rise in property tax rates, the weakening effect will decrease; (2) the role of policy combination and adjusting property tax and tightening loans to real estate developers and tightening of individual housing loans of the three monetary policy of high interest rates on lower prices, but has little effect on the volatility of output combination property tax and credit policy; (3) enhance the financial friction effect makes the enterprise credit rationing the amount of impact has become the main factor affecting the price volatility, which shows that when the financial support from the real estate industry to reduce credit and A slight change in the amount of credit rationing in the enterprise will cause a violent fluctuation in the house price.

【作者单位】：南开大学经济学院;
【基金】：中央高校基本科研业务费专项资金资助项目(NKZXA1111)
【分类号】：F812.42;F293.3;F832.4
【正文快照】： 一、引言居住是人类最基本的生活需求之一,同时居有定所也是每个中国人的梦想。然而,住房价格的不断走高却使我们的“中国梦”好似雾里看花、水中望月。房价居高不下已经成为当前社会最关注的问题之一,尽管针对房地产市场的调控政策不断趋于严厉,但是仍无法抑制房价较快上涨。

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