住房金融长效机制建设的境外经验及启示

The Need for a Long-Term Housing Finance System

本文研究发现,货币长期超发、货币政策快松快紧、金融监管缺位、居民杠杆过高是导致房价波动性上升的重要因素。独立稳健的货币政策、持续有效的金融监管、保持居民杠杆合理水平并构建"广覆盖、强保障"的政策性住房金融体系有助于房地产市场平稳健康发展。

This study concludes that volatility in housing prices is largely a result of excessive currency issuance, rapid reversals in monetary policy direction, gaps in financial regulation, and overleveraging on the part of domestic households. It also finds that in order to help the real estate market develop in a healthy manner there is a need for a prudent and independent monetary policy, effective financial regulation, efforts to keep household leveraging at reasonable levels and the construction of a solid and broad-based housing finance system.