房价、土地收益与宏观经济运行

袁扬舟; 袁志刚

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July 2019

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Citation: Yangzhou YUAN and Zhigang YUAN. House Prices, Land Revenue and Macroeconomic Performance[J]. Academic Monthly, 2019, 51(7): 31-42. shu

House Prices, Land Revenue and Macroeconomic Performance

Abstract

This paper investigates the relationship between housing prices and land revenues by comparing empirical facts from dozens of industrialized countries during 1880−2010 and Chinese housing markets across different tiers of cities since the housing system reform in 1998, and analyzes the inherent mechanism of real estate price appreciation. Moreover, we discuss the implications of housing and land price boom on economic growth, structure change and income inequality, with extensive focuses on crowding out real sectors and accumulating aggregate risks. Finally, we study the policy implications of developing a rational housing market, meeting targets in the short term as well as in the long term.
- housing price,
- land revenues,
- macroeconomic,
- real estate market
References
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1. [1]
  ZHANG Jun , FANG Hongsheng . Intergovernmental Fiscal Relations and Economic Growth. Academic Monthly, 2026, 58(8): 70-90.
2. [2]
  SHEN Yifei . Theoretical Genealogies of the Emotional Economy and the Chinese Context. Academic Monthly, 2026, 58(7): 129-142.
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  ZHAO Lin , ZHANG Boyu , LIANG Hua . The Relationship Between Monopoly and Innovation in Information Product Markets——A Growth Network Perspective. Academic Monthly, 2026, 58(7): 64-76.
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  YANG Dian , DONG Shuhao . The Social Construction of Economic Value——Evidence from Financial Markets, with a Discussion on Building a Valuation System with Chinese Characteristics. Academic Monthly, 2026, 58(1): 131-146.
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  LIU Wei . Several Important Theoretical Issues Needing Further Clarification for the Growth and Expansion of the Private Economy. Academic Monthly, 2026, 58(7): 41-53.

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沈阳化工大学材料科学与工程学院沈阳 110142

House Prices, Land Revenue and Macroeconomic Performance

Yangzhou YUAN
Zhigang YUAN

Available Online: 2019-07-01

Abstract: This paper investigates the relationship between housing prices and land revenues by comparing empirical facts from dozens of industrialized countries during 1880−2010 and Chinese housing markets across different tiers of cities since the housing system reform in 1998, and analyzes the inherent mechanism of real estate price appreciation. Moreover, we discuss the implications of housing and land price boom on economic growth, structure change and income inequality, with extensive focuses on crowding out real sectors and accumulating aggregate risks. Finally, we study the policy implications of developing a rational housing market, meeting targets in the short term as well as in the long term.