地方政府性债务规模对消费者福利影响研究——基于商品房价格变动的视角

Impact of Local Government Debts on Consumer Welfare:On the Perspective of Price Variation of Commercial Housing

通过引入商品房价格,分析地方债务对房地产价格的影响机制,并在戴蒙德OLG模型中消费者效用函数的基础上建立一个两期决策模型,研究房地产价格对消费者福利的影响。实证结果表明:地方政府性债务规模对商品房价格有显著的正向影响,房价对消费者福利存在较为显著的负向影响。因此,妥善处理好地方政府性债务对于民生福祉具有重要意义。

This paper introduces the commercial housing price and builds a two stage decision model on the basis of Diamond OLG model to study the effect of commercial housing price on consumer welfare. Local government debts have a significantly positive effect on the commercial housing prices,and there is a significant negative correlation between commercial housing price and consumer welfare according to the empirical analysis results. Therefore,to properly control the scale of local government debt plays a crucial role in improving residents' welfare.