摘要
本文以2003~2015年中国35个大中城市的面板数据为样本,利用2014年地方债"自发自还"试点这一政策试验,检验地方债发行对房价的影响。结果表明,至少在短期内,地方债的发行显著提高了商品房与住宅的价格。稳健性检验结果也表明地方债的发行显著提高了房价。因此,为促进房地产市场的稳定健康发展,必须规范地方政府的发债行为。
In this paper, the author uses the panel data of 35 large and medium-sized cities in China during 2003-2015 as samples and the policy of municipal debts experiment in 2014 to test the impact of the issuance of local bonds on housing price. The results of the paper show that the issuance of local bonds significantly increases the commercial hous- ing prices and residential prices; the results of the robustness test also show that the issuance of local bonds has signifi- cantly increased housing prices. Therefore, in order to promote the stable and healthy development of the real estate mar- ket, it＇ s needed to regulate the issuance of local government bonds.
出处
《金融论坛》
CSSCI
北大核心
2017年第12期68-78,共11页
Finance Forum
