主讲人：华岳 副教授 湖南大学经济与贸易学院
主持人：赵瑞丽 讲师 上海对外经贸大学国际经贸学院
时间：2021年06月10日周四上午，10:00-11:30
地点：上海对外经贸大学博识楼113室
主办：上海对外经贸大学国际经济与贸易系
主讲人简介：
华岳，湖南大学经济与贸易学院副教授，经济学博士，湖南大学“岳麓学者”，主要研究方向为区域与城市经济学、环境经济学，在Regional Science and Urban Economics, International Regional Science Review, China Economic Review，《中国经济问题》、《产业经济评论》等国内外期刊发表论文多篇，担任10余本SSCI期刊匿名审稿人，主持国家自然科学基金项目及湖南省社会科学基金项目各1项。
报告摘要
For the past decade China has been suppressing the soaring housing price in major cities. In this study we evaluate the housing market effects of the home purchase restriction (HPR) policy in Changsha, a provincial capital city that has officially become a national role model in containing housing price. Using data from 30 land blocks within five urban districts, and by employing a regression discontinuity design, we comprehensively study the effects of HPR initiated in 2016 on the primary, secondary and rental housing market. We find that the HPR substantially lowers the floor space sold on the primary market, but imposes no significant impact on the price of new homes. On the resale market, the policy even raises the housing price by modest magnitude and the floor space sold by non-trivial amount. We also witness an increased market rent induced by the HPR, implying unfavorable distributional consequences. Spatial heterogeneities are further discussed among five submarkets. In general, we find that HPR per se is incapable of explaining the restricted housing price in Changsha, possibly due to asynchronous policy implementation, falsified purchase qualification and market expectation. The “Changsha paradigm” is more likely to be attributable to supply-side regulations such as limited land availability and home sale restrictions.