中国房地产市场的“巴拉萨—萨缪尔森”效应——来自省际动态面板数据的经验证据

The Balassa-Samuelson Effect of China's Real Estate Market:Empirical Evidence from Inter-provincial Dynamic Panel Data

文章基于1999-2008年的省际面板数据采用系统广义矩(sys-GMM)的计量方法对我国房地产市场的"巴拉萨—萨缪尔森"效应进行了深入的实证检验。研究结果表明:在控制了房地产供求等因素后,经济开放度每提高1%,我国房地产价格将上涨0.063%,经济开放度对房地产价格上涨的平均贡献程度为4.54%,且有逐年增大的趋势;不同细分类型的房地产市场也存在"巴拉萨—萨缪尔森"效应,其中高档公寓最大,商业用房最小;此外,我国高房价区的"巴拉萨—萨缪尔森"效应大大高于低房价区。

Based on the inter-provincial panel data from 1999 to 2008,this paper makes an empirical study of the Balassa-Samuelson effect in China＇s real estate market through sys-GMM.The results show that,after controlling such factors as supply and demand of real estate market,an increase in the degree of economic openness by 1% raises the real estate prices in China by 0.063%,and the average contribution of the degree of economic openness to the increase of real estate prices,which is trending upwards annually,is 4.54%.there is a Balassa-Samuelson effect in subdivided real estate markets,which is the greatest in high-grade apartments and the smallest in commercial buildings.In addition,the Balassa-Samuelson effect in high-price areas is much stronger than the one in low-price areas.