美国土地制度和土地金融的历史变迁

得天独厚的资源禀赋和市场配置机制,再加上其土地制度的设计几乎没有历史包袱,是最接近"理想"条件的产物,使美国土地市场以及相关的金融市场高度发达,并具有吸收泡沫的一定深度和韧性。土地资源通过金融体系与资本密切结合,使美国工业化和城市化得到了有效支撑。但是,美国金融监管对土地开发与信用扩张之间强正反馈关系警惕不足,历史上反复出现土地或房地产投机引发的资产泡沫;美国农业仍存在过度补贴和补贴非市场化的问题,对土地要素的市场化形成制约;美国的土地征用、分区规划等政策工具使用也曾带来了严重的社会问题。

The Historical Changes of American Land System And Land Finance

Richly endowed by natural resources,market mechanism,and the design of its land system,which is almost the product of the most ideal conditions,American land market and the related financial system which is highly developed have a certain depth and toughness to absorb bubbles.Through the close combination of financial system and capital,land resources have effectively supported the industrialization and urbanization.However,the US financial supervision is not vigilant enough for the strong positive feedback relationship between land development and credit expansion so that repeatedly triggering asset bubbles caused by land or real estate speculation in history.There are still problems of excessive subsidies and non market subsidies in American agriculture,which restrict the marketization of land elements.The use of land acquisition,zoning and other policy tools in the United States have also brought serious social problems.