投机对房价差距的作用

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-09-08 DOI:10.1016/j.iref.2024.103622

Naqun Huang , Hao Li , Yanmin Yang

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引用次数: 0

摘要

本文探讨了投机对社区内房屋购买价格差异的影响。利用新加坡私人住房市场住宅房地产交易的行政数据，我们的分析表明，在存在投机者的情况下，社区内的住房单价会随着时间的推移而上升。然而，在实施旨在遏制投机的宏观审慎政策后，这一模式保持稳定。我们的机制分析表明，虽然投机性销售会随着时间的推移促进周边单位价格的上涨，但投机性购买的影响却微乎其微。这些发现强调了宏观审慎政策在缓解投机和促进住房可负担性方面的潜力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The role of speculation on housing price disparities

This paper explores the impact of speculation on disparities in home purchase prices within neighborhoods. Using administrative data on residential real estate transactions in Singapore's private housing market, our analysis reveals that housing unit prices increase over time within a neighborhood in the presence of speculators. However, this pattern remains stable after the implementation of macroprudential policies aimed at deterring speculation. Our mechanism analysis indicates that while speculative sales contribute to the increase in the price of neighboring units over time, speculative purchases have negligible effects. These findings underscore the potential of macroprudential policies in mitigating speculation and promoting housing affordability.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.