China’s Housing Policy and Housing Boom and Their Macroeconomic Impacts

繁荣 消费(社会学) 经济适用房 中国 投资(军事) 意外后果 经济 劳动经济学 业务 市场经济 经济增长 社会科学 环境工程 政治 工程类 社会学 法学 政治学
作者
Kaiji Chen
标识
DOI:10.1093/acrefore/9780190625979.013.591
摘要

The house price boom that has been present in most Chinese cities since the early 2000s has triggered substantial interest in the role that China’s housing policy plays in its housing market and macroeconomy, with an extensive literature employing both empirical and theoretical perspectives developed over the past decade. This research finds that the privatization of China’s housing market, which encouraged households living in state-owned housing to purchase their homes at prices far below their market value, contributed to a rapid increase in homeownership beginning in the mid-1990s. Housing market privatization also has led to a significant increase in both housing and nonhousing consumption, but these benefits are unevenly distributed across households. With the policy goal of making homeownership affordable for the average household, the Housing Provident Fund contributes positively to homeownership rates. By contrast, the effectiveness of housing policies to make housing affordable for low-income households has been weaker in recent years. Moreover, a large body of empirical research shows that the unintended consequences of housing market privatization have been a persistent increase in housing prices since the early 2000s, which has been accompanied by soaring land prices, high vacancy rates, and high price-to-income and price-to-rent ratios. The literature has differing views regarding the sustainability of China’s housing boom. On a theoretical front, economists find that rising housing demand, due to both consumption and investment purposes, is important to understanding China’s prolonged housing boom, and that land-use policy, which influences the supply side of the housing market, lies at the center of China’s housing boom. However, regulatory policies, such as housing purchase restrictions and property taxes, have had mixed effects on the housing market in different cities. In addition to China’s housing policy and its direct effects on the nation’s housing market, research finds that China’s housing policy impacts its macroeconomy via the transmission of house price dynamics into the household and corporate sectors. High housing prices have a heterogenous impact on the consumption and savings of different types of households but tend to discourage household labor supply. Meanwhile, rising house prices encourage housing investment by non–real-estate firms, which crowds out nonhousing investment, lowers the availability of noncollateralized business loans, and reduces productive efficiency via the misallocation of capital and managerial talent.
最长约 10秒,即可获得该文献文件

科研通智能强力驱动
Strongly Powered by AbleSci AI
更新
大幅提高文件上传限制,最高150M (2024-4-1)

科研通是完全免费的文献互助平台,具备全网最快的应助速度,最高的求助完成率。 对每一个文献求助,科研通都将尽心尽力,给求助人一个满意的交代。
实时播报
了尘发布了新的文献求助10
刚刚
刚刚
刚刚
李爱国应助善良身影采纳,获得10
刚刚
杨凤艳发布了新的文献求助30
1秒前
2秒前
2秒前
信徒完成签到,获得积分10
3秒前
Hello应助Www采纳,获得30
3秒前
Xbro发布了新的文献求助20
3秒前
晚风发布了新的文献求助10
5秒前
5秒前
易哒哒完成签到,获得积分10
5秒前
5秒前
今后应助123采纳,获得10
5秒前
6秒前
panfan发布了新的文献求助10
7秒前
7秒前
8秒前
8秒前
9秒前
北粥发布了新的文献求助10
9秒前
yangbin710发布了新的文献求助10
9秒前
DLT关注了科研通微信公众号
10秒前
10秒前
scscsd发布了新的文献求助50
11秒前
杨荣花发布了新的文献求助10
12秒前
12秒前
无所谓发布了新的文献求助10
12秒前
法号胡来发布了新的文献求助10
13秒前
13秒前
明亮梦露发布了新的文献求助10
13秒前
13秒前
卫化蛹完成签到,获得积分20
15秒前
15秒前
Yeah完成签到,获得积分10
17秒前
深情安青应助yangbin710采纳,获得10
17秒前
18秒前
共享精神应助信徒采纳,获得10
18秒前
852应助peike采纳,获得10
18秒前
高分求助中
LNG地下式貯槽指針(JGA指-107-19)(Recommended practice for LNG inground storage) 1000
rhetoric, logic and argumentation: a guide to student writers 1000
QMS18Ed2 | process management. 2nd ed 1000
Eric Dunning and the Sociology of Sport 850
Operative Techniques in Pediatric Orthopaedic Surgery 510
Generalized Linear Mixed Models 第二版 500
人工地层冻结稳态温度场边界分离方法及新解答 500
热门求助领域 (近24小时)
化学 医学 材料科学 生物 工程类 有机化学 生物化学 物理 内科学 纳米技术 计算机科学 化学工程 复合材料 基因 遗传学 物理化学 催化作用 免疫学 细胞生物学 电极
热门帖子
关注 科研通微信公众号,转发送积分 2921018
求助须知:如何正确求助?哪些是违规求助? 2563349
关于积分的说明 6933820
捐赠科研通 2221229
什么是DOI,文献DOI怎么找? 1180754
版权声明 588757
科研通“疑难数据库(出版商)”最低求助积分说明 577670