土地杠杆影响城市住宅价格波动的美国经验

American Experience about Land Leverage Impact of Urban Residential Price Fluctuations

使用1985年至2011年的美国房屋调查(American Housing Survey)微观面板数据,实证检验土地杠杆对于城市住宅价格波动的影响。发现就美国的经验而言,土地杠杆值提高1个百分点,房价波动幅度增大0.16个百分点。对于政策制定者来说,着力降低地价在房价中的比例,有助降低房价波动,维护房地产市场的稳定。

The purpose of this study is to use the American Housing Survey 1985-2011 to investigate the effect of the land leverage on the residential real estate price fluctuation. American experience indicates that the land leverage rises by 1%, the housing price volatility will increase by about 0.16%. Policy makers could choose to lower down the land leverage in order to keep the housing price stable.