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Assessing the Role of Land Price and Interest Rate in Determining China's Housing Price

机译:评估土地价格和利率在确定中国房价中的作用

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The new round of housing price's rise causes the people's attention. This paper mainly discusses the effects of the land policy and monetary policy on housing price through studying the dynamic relationship between land price, the interest rate and the housing price. We construct the state space model and estimate the parameter with the help of kalman filtering. Empirical results show that land price always has a positive influence on housing price while the influence of interest rate on housing price is not significant. Finally we put forward some policy suggestions according to the results. For example, establishing the system of local government's finance and tax, reforming the interest rate decision mechanism, promoting the comprehensive reform real estate tax policy.
机译:新一轮的房价上涨引起了人们的关注。本文主要通过研究土地价格,利率与房价之间的动态关系,探讨土地政策和货币政策对房价的影响。我们构造状态空间模型,并借助卡尔曼滤波估计参数。实证结果表明,土地价格总是对房价产生积极影响,而利率对房价的影响并不显着。最后根据结果提出了一些政策建议。例如,建立地方政府的财政税收制度,改革利率决策机制,促进房地产税政策的全面改革。

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