住房金融的“功”与“过”——基于两期家庭生命周期模型的分析

Housing Finance is Good or Not? An Analysis based on OLG Model

住房通过多种效应成为扩大我国城市家庭收入差距的因素,家庭通常借助住房金融手段实现购房。通过构建一个房价和房租内在联动、利率外生的两期家庭生命周期模型,模拟和比较不同住房金融条件下初始禀赋不同的家庭的效用变化。研究表明,住房金融改善了所有家庭的效用状况,但是现行的住房金融制度使有初始禀赋的家庭得益更多,而没有初始禀赋的家庭的状况相对恶化。同时,现行的住房金融制度还可能诱使人们过度负债而使其终生效用受损。因此应大力发展住房租赁市场和创新住房金融制度。

The huge income gap among China’s urban household is becoming a serious trouble. Many reasons contribute to the problem including housing. This paper built a model based OLG, that imitates decision- making of different households when they face the different financial conditions. This paper indicates, housing finance improves the utility of every kind of households, but our current housing finance measures is better for improving utility of the household who has haven initial wealth. And then,our current housing finance measures may attract some households to be over- debt, which would reduce their utilities. Our view is that we should develop leasing market of house and create new measure of housing finance.