摘要
本文认为财政分权水平的提高是中国房价上涨和居民消费下降的重要制度性因素。首先,我们基于省际面板数据模型获得了这一观点的经验证据,在控制了货币增长(通货膨胀)等因素后,可以发现财政分权水平的提高对房价上涨和消费下降有显著的影响。为了增强这一结论的稳健性,我们构建了一个包含财政分权和房价的动态一般均衡模型,从理论机制上确认了财政分权对于房价上涨和消费下降的重要性。
This paper asserts that the increasing the fiscal decentralization is an important institutional factor for the increasing house prices and the crowing out consumption.First,we have acquired this stylized fact based on provincial panel data.Then,we have constructed a dynamic general equilibrium model including fiscal decentralization and house prices,and we have theoretically specified the importance of fiscal decentralization to the surging house prices and decreasing consumption in china.
出处
《财经科学》
CSSCI
北大核心
2012年第2期54-62,共9页
Finance & Economics
关键词
财政分权
房价
消费抑制
转移动态
Fiscal Decentralization
House Price
Consumption Suppression
Transitional Dynamics
