什么样的金融政策可有效抑制房价——基于我国35个城市数据的组态分析

The Effective Paths of Real Estate Financial Policy to Control Housing Price——Based on the analysis of the configuration of 35 cities data

以我国35个城市房地产金融政策为样本,从组态视角识别房地产金融政策抑制房价的多条路径。研究发现:单个政策变量无法有效调控房价,存在三条有效调控房价的金融政策组合方案,分别是货币政策-金融宏观审慎政策互补型路径、信贷与直接融资支持政策-金融宏观审慎政策联动型驱动路径以及货币政策-信贷与直接融资支持政策-金融宏观审慎政策全面型驱动路径。

Taking the real estate financial policies of 35 cities as samples,this paper identified the multiple paths of real estate financial policies to restrain housing prices from the perspective of configuration.The results are that any single policy variable can not effectively regulate housing prices.There are three financial policy combinations that can effectively regulate housing prices,namely,monetary policy-financial macro-prudential policy complementary path,credit and direct financing support policy-financial macro-prudential policy joint driving path,and monetary policy-credit and direct financing support policy-financial macro-prudential policy comprehensive driving path.