Financial System and Housing Price

The 2007/2008 US financial crisis is related to the securitization of mortgage loans and the housing-price boom and bust. In this article, we test the hypothesis that housing-price change is related to the development of the financial system. Using panel data for 23 countries from 1988 to 2012, we have found that the housing-price growth rate increases as the financial system moves a bank orientation to a market orientation. The policy implication is that the government should beware sudden increases in the capital market relative to the banking sector. Especially, more sophisticated financial supervision with respect to housing-price movement is required when a bank-based financial system progresses quickly to a market-oriented financial system.     

财务柔性与企业绩效的动态关系 ——基于融资约束与代理成本的调节效应分析

财务柔性在为企业创造有利机会的同时,也带来了投资不经济、持有成本和协调困难,因此它对企业绩效的影响效应可能是非线性的。基于2006—2016年沪深两市非金融上市公司的数据,本文研究发现,财务柔性与企业绩效之间呈倒U型关系,表现为先增长、后下降的变化趋势。此外,考察融资约束和代理成本对于财务柔性与企业绩效之间关系的调节作用。分析结果显示,融资约束越高,财务柔性对绩效的促进效果越明显;代理成本弱化了财务柔性与企业绩效的曲线关系。进一步的中介效应检验结果表明,财务柔性部分地通过增加投资支出而间接影响企业绩效,投资支出在两者之间起着非线性中介作用。     

腐败与金融包容性国际经验研究

金融包容性是指提高低成本的金融服务的广泛可得性。金融服务普及的深度和广度对国民经济的发展起到了至关重要的作用。而腐败会影响金融包容性,将贫困弱势群体排除在外,客观上形成金融排斥,加重小微企业贷款难、贷款贵等问题,降低金融服务实体经济的能力和质量。本文选取1995—2016年170个国家和地区建立非平衡面板数据模型,经过实证研究发现：腐败会显著降低金融服务的包容性,但会提高金融服务的可得性。并且腐败会通过提高银行贷款利率,增加贷款规模以及提高企业融资难度传导到金融包容性。此外,本文还进行了内生性检验,并按时间、经济发展速度、人口规模和地区划分进行异质性分析。本研究填补了腐败对金融包容性影响机制研究的空白,从而丰富了腐败对金融市场影响的研究,也为普惠金融的发展提供了重要补充。     

Gentrifier? Who,Me? Interrogating the Gentrifier in the Mirror

Schlichtman and Patch suggest that there is an elephant sitting in the academic corner: while urbanists often use ‘gentrification’ as a pejorative term in formal and informal academic conversation, many urbanists are gentrifiers themselves. Even though urbanists have this firsthand experience with the process, this familiarity makes little impact on scholarly debate. There is, Schlichtman and Patch argue, an artificial distance in accounts of gentrification because researchers have not adequately examined their own relationship to the process. Utilizing a simple diagnostic tool that includes ten common aspects of gentrification, they compose two autoethnographic memoirs to begin this dialogue.     

中小企业融资难的新解读

中小企业融资难问题已成为制约我国市场经济体制改革的重要因素。对主要发达国家经验的梳理,可以得到解决该问题的一般规律。基于我国中小企业发展的特点、金融系统结构失衡、政府职能错位三个方面的解读,可以发现我国中小企业融资难问题具有特殊性。本文提出的建议,包括构建"银政合作"模式,推进金融体制改革,创建中小型金融机构。     

Housing Preferences of Temporary Migrants in Urban China in the wake of Gradual Hukou Reform: A Case Study of Shenzhen

In the wake of the recent announcement by the State Council concerning the provision of public rental housing across China, and the gradual reform of China's household registration system (hukou), this article explores how potential adjustments in government housing policies (namely access to public rental housing) influence the housing preferences of temporary migrants who are currently residing inside the chengzhongcun (urban villages) of Shenzhen. The results indicate that dissatisfaction with rental cost and living conditions in these urban villages are the key reasons for migrants wishing to move into public rental housing if it is offered to them — and not the fact that they are treated differently within the hukou system. Public rental housing is welcomed in particular by newly arriving migrants who live outside the Shenzhen Special Economic Zone (SEZ), and migrants who have decided to remain in Shenzhen for the foreseeable future. By contrast, dissatisfaction with urban villages is the sole contributor to housing preferences for those residing inside the SEZ.     

Rental prices in Germany: A comparison between migrants and natives

This paper deals with the question of whether migrants pay a rent premium for apartments of comparable quality and neighborhood characteristics. We use a two-step selection-correction model augmented by a control function to account for nonrandom neighborhood choice. The estimation sample is a uniquely assembled panel comprising the Socio-Economic Panel (SOEP), information on household and apartment characteristics, as well as georeferenced data describing neighborhood quality. Our estimates reveal that people with migration backgrounds are not penalized in the German local rental market in terms of higher rental payments.     

城市家庭住房不平等:户籍、禀赋还是城市特征？——基于广义有序模型与Oaxaca-Blinder分解

基于中国劳动力动态调查（CLDS）数据，运用广义有序Logit模型实证分析户籍、家庭禀赋和城市特征三类因素对城市家庭住房不平等的影响；运用夏普利值分解、Oaxaca-Blinder分解区分"努力"和"环境"因素、户籍歧视和禀赋效应的贡献。研究发现：户籍可解释住房等级不平等的54.2%；"努力"因素对住房水平起正向作用；在户籍间住房等级不平等中户籍歧视效应占主导，在住房面积不平等中禀赋效应占主导，外地户口居民住房水平低源于"环境"因素趋弱，农业户口居民则源于"努力"和"环境"因素叠加趋弱；由于生活成本效应占主导，城市规模和流动人口占比越大，居民住房等级趋低，而城市土地供给增长有助于提升住房水平。     

Social housing in France: A permanent and multifaceted challenge for public policies

This paper examines the dynamics of the overwhelmingly generous social housing in France that covers a wide spectrum of recipients. Being influenced by electoral power of rotating ruling parties and social ideals, policy formulations are often reflected by idealistic politics which tends to over-stretch the nation’s budget and restrict its scope in reaching its target groups. From the 1990s, fund availability has been further hit by economic globalization causing falling business profitability and high unemployment rates affecting notably ethnic minorities. Upcoming social crisis has been met with public response via a series of technical-led remedial acts to promote social integration in housing and by identifying social ills and polarization in sensitive and problematic urban quarters. New technical and financial measures in coping with the complexity and magnitude of social housing are expected to remain highly challenging in the French parliamentary politics.     

目前我国城镇基础设施投融资模式分析

在我国经济建设步伐加快,各级地方财政普遍吃紧的情况下,直接财政投资、土地储备制度等传统融资模式已不能满足城市基础设施融资的需求。继之出现的BOT、TOT、PFI、ABS和市政债券的投融资模式市场程度依次提高,共同的特点在于引入SPC作为桥梁将政府与市场在公共物品领域连接起来,这些融资模式合作形式各异,以公私合营和资本市场的力量为城建资金寻找到了更广泛的投资者。本文介绍了我国现行的城镇基础设施投融资模式,如土地储备制度和市政债券等,依市场化程度的高低对这些融资进行了分类分析和比较,指出未来我国城建融资模式的发展方向。