房地产财富效应的研究综述与分析

The Research Summary and Analysis of the Real Estate Wealth Effect

本文回顾了国内外关于房地产财富效应的研究成果,对中国的房地产财富效应进行了分析,认为中国的房地产正向财富效应非常微弱,房价过快上涨会对消费产生明显的抑制作用。房价虚高,一方面会加重购房者负担,挤压其他支出,另一方面会加剧收入分配不公,抑制消费需求的增长。

This paper reviews the domestic and foreign results of research about real estate wealth effect, makes an analysis to China＇s real estate wealth effect, thinks that China＇s positive real estate wealth effect is very weak, the fast rising real estate price causes the obvious negative effect on consumption. On the one hand, high housing prices can aggravate consumers＇ burden and extrude other expenses, on the other hand, high housing prices can exacerbate the unfair income distribution and inhibit the growth of consumer demand.