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《上海立信会计学院学报》2021,35(1):110-127
通过构建DSGE基准模型和扩展模型,引入家庭、企业及政府部门借贷机制和老龄化冲击,从住房价格及宏观杠杆率视角研究老龄化对金融稳定的影响。研究发现:考虑住房投资品属性的扩展模型中,面临老龄化冲击后,我国居民杠杆率会上升,住房价格会暴涨后暴跌,可能造成房地产泡沫破裂,从而引发金融危机;技术冲击还将使居民杠杆率进一步上升并使其与老龄化冲击叠加,房价暴涨暴跌的效应会倍增,房价泡沫破灭后,可能引发金融危机。不考虑住房投资品属性的基准模型中,老龄化冲击对房价从而对宏观杠杆率的负面影响明显减弱。我国必须构建"房住不炒"机制,完善及推广"以房养老"政策,营造良好金融投资环境,缓解老龄化对金融稳定的负面冲击。 相似文献
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Impacts of Second Home Development on Housing Prices in the Southern Appalachian Highlands 总被引:1,自引:0,他引:1
Seong-Hoon Cho David H. Newman David N. Wear 《Review of urban and regional development studies : RURDS : journal of the Applied Regional Conference》2003,15(3):208-225
This study estimates the value of socioeconomic, spatial and environmental attributes on housing prices of both urban and rural communities in the primary and second home areas of the Southern Appalachian Highlands, using the hedonic property price model. Distance and environmental attributes are valued more heavily in the rural communities of the second home area than in the urban communities of the primary home area. The effect of second homes on housing prices is mainly evident in the rural communities. Second home development impacts a home's value by US$2,378, or 4.2% of $56,245, the average value of a rural home. 相似文献
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Yong Tu 《Review of urban and regional development studies : RURDS : journal of the Applied Regional Conference》1999,11(2):100-113
This paper first presents an analytic review of Singapore public homeownership policy developments over the past 35 years. The analysis will then focus on the two main reasons contributing to the success of Singapore public homeownership: the country's model of public housing finance; and the significant role public homeownership has played in its economic development. Finally, the paper concludes that the Singapore public housing system is not a ready package that can be applied anywhere, but that it does offer experiences that could be useful for other countries. 相似文献
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能源价格对能源强度的影响——以国内制造业为例 总被引:31,自引:0,他引:31
本文运用1985-2003年的时间序列数据,对我国制造业、能源价格和能源强度之间的关系作了实证研究。计量检验的结果表明,能源相对价格的上升对于降低总能源强度、石油强度、电力强度和煤炭强度具有积极的贡献。提高能源价格是改善能源效率的一个有效政策工具。 相似文献
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当前成都市廉租房项目建设中存在融资难问题,探析廉租房建设中引入国外基础设施建设中常用的PPP融资模式。政府通过长期合同协议邀请私营部门参与项目融资、施工和运营。对于政府来说,投资更为经济,可以将一部分风险转移给私营部门。对于私营部门来说,通过投资和管理风险获取收益。文章采用模糊综合评价法对成都市廉租房采用PPP融资存在风险进行分析,为政府廉租房融资提供一条新的思路。 相似文献
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Li Li Eng & Andrew Khoo Ruth Tan 《Journal of International Financial Management & Accounting》1998,9(2):63-82
This study examines a sample of 108 initial public offerings in Singapore between 1987 and 1993, and documents the effects of four channels of entrepreneurial communication, that is, retained ownership, audited report, auditor choice and underwriter choice on the valuation of new issues. Our results indicate that retained ownership and book value of equity are significantly and positively associated with the valuation of initial public offerings in Singapore. Underwriter choice and auditor choice are not significant in explaining the valuation of initial public offerings. Issues listed on the Main Board are valued higher than those on Sesdaq (Stock Exchange of Singapore Dealing and Automated Quotation). Firms choosing the auction system are valued higher than those choosing the fixed system.
This paper provides evidence on the valuation of new issues in an emerging market in the Asia-Pacific region. The results are of interest to investors, investment bankers and companies seeking a listing on the Singapore Stock Exchange. We provide some insights on how new issues in the Singapore market are valued. 相似文献
This paper provides evidence on the valuation of new issues in an emerging market in the Asia-Pacific region. The results are of interest to investors, investment bankers and companies seeking a listing on the Singapore Stock Exchange. We provide some insights on how new issues in the Singapore market are valued. 相似文献
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Small Cities Matter, Too: The Impacts of an Airport and Local Infrastructure on Housing Prices in a Small Urban City 总被引:1,自引:0,他引:1
Cliff Lipscomb 《Review of urban and regional development studies : RURDS : journal of the Applied Regional Conference》2003,15(3):255-273
Cities with small populations tend not to receive as much attention in housing hedonic studies as do large metropolitan areas despite their similar economic development goals (quality of life improvements for their citizens, etc.). However, small cities, with their relatively smaller number of amenities and features, tend to have fewer numbers of variables that operate to determine house prices. Therefore, hedonic prices can be estimated adequately for a single neighborhood in a small city with publicly available data, particularly for local officials who do not have the time or financial resources to complete detailed studies of their cities. In this study, a general model is estimated that uncovers the impacts of airport-related noise, local recreational amenities, public transportation services, and schools on housing prices in a small city in metropolitan Atlanta, Georgia, USA. The implications and usefulness of this approach to local economic developers and city planners will be discussed. 相似文献
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通过公共住房所有权来实现资产构建以推动社会发展是新加坡社会治理的重要特征。公共住房所有权发展使新加坡成为世界上住房所有权比率最高的国家。公共住房所有权是否有助于金融资产构建还是值得商榷的。公共住房所有权的实施使居民拥有了更大面积的HDB组屋进而改善了住房条件,提高了新加坡居民的健康状况。新加坡公共住房所有权促进了社会资产构建。新加坡公共住房所有权在资产构建方面依然存在一些挑战。需要在更深层次上对资产基础的社会政策进行全面考察。 相似文献
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高覆盖率保障房制度,是彻底解决住房问题的唯一途径.要建立这一体系,关键就是要解决大规模融资的问题.否则,覆盖率就无法提高,分配就不可能公平,保障房制度就无法持续,甚至引发社会问题.“先租后售”保障房模式,为大规模利用市场资本建设保障房提供了基础.通过发行资产担保债券(Covered Bonds),结合公积金制度,就可以为绝大多数新增城市居民建设保障房提供融资.为此需要对现有的制度进行相应的改造. 相似文献
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本文分析了棚改面积及货币安置户数对房地产价格的影响,剖析了棚改货币化安置政策对上述两个因素与房价关系的调节作用,构建了相应的调节作用模型。使用天津市2009-2018年的实际数据进行了模型的实证检验。结果显示,近年来天津市出台的棚改货币化安置政策对房价有一定的推升作用,而收紧的棚改政策,由于政策滞后性等原因,在短期内对房价的调节作用不大。 相似文献
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The French public social housing sector offers rents which are more than 60% below market levels. The “loss” of the public sector landlords, estimated from the rent they could get for their apartments at market prices, amounts to 37 billion Francs per year for the 3 million public social apartments in France. This allows the social sector tenants to consume 10% more housing services and 11% more of other goods. The corresponding surplus gain is around 34 billion Francs. The surplus loss for the collectivity due to these transfers is thus 3 billion Francs, 8% of the transferred sums. As compared to personal housing subsidies, which represent half this amount for the same tenants, the surplus gains are much less concentrated on the poorest part of the population. 相似文献
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