住房价格与共同富裕

Housing Prices and Common Prosperity

住房价格对实现共同富裕具有至关重要的影响。通过中间品需求渠道及其乘数效应,住房价格对经济增长具有倒U型影响,即房价较低时房价上涨能拉动经济增长,但是房价较高时房价上涨会抑制经济增长。金融加速器机制能够放大房地产业对经济增长的拉动作用,但是房价上涨与信贷繁荣之间存在的强烈正反馈效应,会增加爆发金融危机的概率,严重危及金融稳定和经济稳定。此外,我国居民的房产不平等程度非常高,房价上涨会扩大收入和财富差距。根据上述影响机制,本文提出了四点房地产调控的政策建议。

Housing prices are a critical factor in achieving common prosperity.Through the demand channels for intermediate goods and its multiplier effect,housing prices have an inverted U-shaped influence on economic growth.When housing prices rise from a low base,they can boost economic growth,but when they increase from an already high base,they can dampen economic growth.The financial accelerator mechanism can amplify the effect of housing prices on economic growth,and the strong positive feedback between rising house prices and credit boom will increase the probability of financial crisis and seriously endanger financial and economic stability.In addition,real estate inequality in China is already very pronounced,and further increases in housing prices will widen income inequality and wealth inequality.Based on the above factors,this paper puts forward four policy recommendations for real estate regulation.