房地产调控与泡沫

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics Pub Date : 2025-03-01 DOI:10.1016/j.jhe.2025.102046

Claire Océane Chevallier , Sarah El Joueidi

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引用次数: 0

摘要

本文建立了一个无限视界下的动态一般均衡模型，其中确定性的理性泡沫可能出现。借款人受到两项宏观审慎监管的约束：DTI和LTV限制。该研究调查了房地产泡沫是否会在这些监管约束下产生，并确定了其产生的具体条件。研究结果表明：(1)在LTV调控下，均衡可能存在房地产泡沫；(2)当市场主体面临LTV调控时，可能出现两种均衡：无泡沫均衡和房地产泡沫均衡；(3)严格的LTV监管加剧了房地产泡沫的增长。

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Housing regulation and bubbles

This paper develops a dynamic general equilibrium model in infinite horizon, in which deterministic rational housing bubbles may emerge. Borrowers are constrained by two macroprudential regulations: DTI and LTV limits. The study investigates whether housing bubbles can arise under these regulatory constraints and identifies the specific conditions for their emergence. Our findings show that: (1) with LTV regulations, the equilibrium may feature a housing bubble; (2) when agents face an LTV regulation, two equilibria may emerge: a bubbleless and a housing bubble equilibria; (3) tighter LTV regulations exacerbate the growth of housing bubbles.

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来源期刊

Journal of Housing Economics Multiple-

CiteScore

3.30

自引率

4.20%

发文量

期刊介绍： The Journal of Housing Economics provides a focal point for the publication of economic research related to housing and encourages papers that bring to bear careful analytical technique on important housing-related questions. The journal covers the broad spectrum of topics and approaches that constitute housing economics, including analysis of important public policy issues.