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·ï̾ | LS Yang Zhao»á |
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¾ÜºÙ | GLOPE II ¥é¥ó¥Á¥¿¥¤¥à¥»¥ß¥Ê¡¼ ¡ÚÆü»þ¡Û¡§2011ǯ1·î18Æü¡Ê²Ð¡Ë12:15-12:50 ¡Ú¾ì½ê¡Û¡§1¹æ´Û 310¶µ¼¼ ¡ÚÊó¹ð¼Ô¡Û¡§Yang ZHAO (Research Student, Graduate School of Economics, Waseda University) ¡Ú¥¿¥¤¥È¥ë¡Û¡§"Study on the Mechanism of Formation and Effect Factors of Housing Price in China" ¡Ú³µÍסۡ§ The paper analyzes the current situation of real estate market in China, and suggest that there exists a generalized "Implicit Housing Price" behind Land Price, Selling Price of House and Rental Price. Then we implement Gonzalo-Granger Permanent-Instantaneous Model and Hasbrouck Information Share Model to test the existence and decompose the components of that "Implicit Housing Price", and also adopt some indices such as GDP, fiscal revenue and urbanization rate to analyze it. Results show that the land market and selling market are the main impetus to drive Housing Price, while the price variation seems to be more independent on the rental market. It is the investment demand and government to play a role on determining the variation of Housing Price but not the consumption demand. Eventually we propose our corresponding policy suggestions basing on the mechanism of price formation and effect factors of Housing Price. ¡Ú¥¡¼¥ï¡¼¥É¡Û¡§Housing Price, Implicit Housing Price, Government, Speculation |
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