The process of China＇s monetary policy regulation on the real estate market can be roughly divided into four stages since 1998. The first and the third stages are to raise housing price, while the second and the four...The process of China＇s monetary policy regulation on the real estate market can be roughly divided into four stages since 1998. The first and the third stages are to raise housing price, while the second and the fourth stages are to curb housing price. There are both successful experiences and failure lessons in these stages of regulation. The present monetary policy instruments should be based on quantitative instruments, while the price instruments shall serve only as a supplement. We should use comprehensive polices including land policies, fiscal policies, legal and political means to develop a variety of specific and flexible policies to prevent financial risks, so that to fully play the important role of real estate market.展开更多
To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the ef...To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the effect of real estate regulation policies has been a challenge for present studies.This study innovatively employs big data technology to obtain Internet search data(ISD)and construct market concern index(MCI)of policy,and hedonic price theory to construct hedonic price index(HPI)based on building area,age,ring number,and other hedonic variables.Then,the impact of market concerns for restrictive policy,monetary policy,fiscal policy,security policy,and administrative supervision policy on housing prices is evaluated.Moreover,compared with the common housing price index,the hedonic price index considers the heterogeneity of houses and could better reflect the changes in housing prices caused by market supply and demand.The results indicate that(1)a long-term interaction relationship exists between housing prices and market concerns for policy(MCP);(2)market concerns for restrictive policy and administrative supervision policy effectively restrain rising housing prices while those for monetary and fiscal policy have the opposite effect.The results could serve as a useful reference for governments aiming to stabilize their real estate markets.展开更多
文摘The process of China＇s monetary policy regulation on the real estate market can be roughly divided into four stages since 1998. The first and the third stages are to raise housing price, while the second and the fourth stages are to curb housing price. There are both successful experiences and failure lessons in these stages of regulation. The present monetary policy instruments should be based on quantitative instruments, while the price instruments shall serve only as a supplement. We should use comprehensive polices including land policies, fiscal policies, legal and political means to develop a variety of specific and flexible policies to prevent financial risks, so that to fully play the important role of real estate market.
基金the National Natural Science Foundation of China(Nos.61703014 and 62073008).
文摘To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the effect of real estate regulation policies has been a challenge for present studies.This study innovatively employs big data technology to obtain Internet search data(ISD)and construct market concern index(MCI)of policy,and hedonic price theory to construct hedonic price index(HPI)based on building area,age,ring number,and other hedonic variables.Then,the impact of market concerns for restrictive policy,monetary policy,fiscal policy,security policy,and administrative supervision policy on housing prices is evaluated.Moreover,compared with the common housing price index,the hedonic price index considers the heterogeneity of houses and could better reflect the changes in housing prices caused by market supply and demand.The results indicate that(1)a long-term interaction relationship exists between housing prices and market concerns for policy(MCP);(2)market concerns for restrictive policy and administrative supervision policy effectively restrain rising housing prices while those for monetary and fiscal policy have the opposite effect.The results could serve as a useful reference for governments aiming to stabilize their real estate markets.
