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《On Economic Problems》 2014-01
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Macro-economy Effect of Housing Finance and Transaction Cost——A General Equilibrium Framework of Overlapping-generation Model

HUO Zhao;Guanghua School of Management,Peking University;  
This paper focused on the residential housing market in China,study a two-sector general equilibrium model of housing and non-housing production. The economy is populated by a overlapping generations of individuals who face heterogenous risk and aggregate risk. Some key aspects of housing finance such as collateral constraints and housing transactions costs are important for explaining the fluctuation of price-rent ratio. This paper is based on the data of China's Family Public Survey( CFPS) from 1998 to 2012 of Chinese social sciences research center of Peking University. According the data,we find that the price-rent ratio increases as financial credit raise,and that housing price decrease as financial credit decline. We can conclude that the fluctuation of housing price is impacted by cyclical changes of housing finance,and the decline of transaction cost and the expanding housing credit will lead to housing price bubble and individual wealth inequality.
【CateGory Index】: F832.4;F299.23
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