摘要
传统的理论认为消费融资对住宅需求产生影响 ,但对住宅价格的影响仍具争议。本文通过跨期预算约束住宅价格模型对购房者的按揭方式选择和住宅价格变化的动态关系进行实证研究 ,发现它们之间存在显著的关系 ,并得出引入住宅抵押贷款后住宅价格对收入的变化更为敏感的结论。
Traditional theories agree that consumer financing affects the demand for house, but opinions vary as to whether it affects house price. By carrying out an empirical study on a microfundation house price model which helps show the dynamic relation between the choices of mortgage modes consumers make and the changes in house price, the paper holds that there are remarkable connections between the two factors. Furthermore, it comes to the conclusion that house price will become more sensitive to income changes if mortgage credit is introduced into the real estate market.
出处
《金融研究》
CSSCI
北大核心
2003年第6期83-93,共11页
Journal of Financial Research
关键词
融资效应
住宅抵押贷款
住宅价格
实证
financing effect, house mortgage credit, house price, empirical approach
