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Study on Cities' Housing Price Fluctuation and Regional Differentiation Based on the Panel Data of 35 Cities in China

机译:基于中国35个城市面板数据的城市房价波动与区域差异研究

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By using the panel data of 35 cities in China, this paper establishes the long-term equilibrium equation and short-term fluctuation equation to analyze the dynamic changes and regional differentiation on housing price in urban areas. Dynamic system GMM method is employed. The results show that the sequence correlation coefficient and mean-reverting coefficient of the short-term fluctuation of the housing price in the eastern cities are higher than those in the middle and western cities. Furthermore, progressive analysis is carried out according to endogenous bubble and irrational bubble. The results show that there exist bubble problems in the eastern coastal cities of China, and the irrational bubbles caused by other factors are obvious. At present, the fluctuation of urban housing price in China shows regional differentiation, and the local government should adopt the different credit, land, and housing security policies to regulate the housing market. In first-tier cities, the local government should expand supply of the shared-ownership houses and take measures to guarantee the implementation of the same rights between lease and purchase system.
机译:利用中国35个城市的面板数据,建立了长期均衡方程和短期波动方程,分析了城市房价的动态变化和区域差异。采用动态系统GMM方法。结果表明,东部城市房价短期波动的序列相关系数和均值回归系数高于中西部城市。此外,根据内源性气泡和非理性气泡进行渐进分析。结果表明,我国东部沿海城市存在泡沫问题,其他因素引起的非理性泡沫明显。目前,中国城市房价的波动显示出地区差异,地方政府应采取不同的信贷,土地和住房保障政策来规范住房市场。在一线城市,地方政府应扩大共有房屋的供应,并采取措施保障租赁和购买系统之间享有相同的权利。

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