房地产资产财富效应的区域效应与时序差异:基于动态面板模型的估计  

The Regional and Time Difference of Real Estate Wealth Effects:Based on Dynamic Panel Data Model

作　　者：姚树洁[1,2] 戴颖杰[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]诺丁汉大学当代中国学学院

出　　处：《当代经济科学》2012年第6期88-97,125,共10页Modern Economic Science

摘　　要：本文以1997-2010年我国31个省市的房地产价格和居民消费等作为研究样本,通过利用标准理论模型和拓展理论模型建立研究房地产资产财富效应的动态面板数据实证模型,并采用系统GMM估计方法来测度中国房地产资产的财富效应。结果显示,我国房地产资产价格与居民消费之间存在正相关的关系,即房地产资产具有财富效应,但是中部和东部的财富效应高于西部地区;但是随着经济的发展和居民收入水平的提高,房地产财富效应呈减弱趋势,2004-2010年的房地产资产对居民消费的长期弹性系数值显著小于1997-2003年的该值水平,下降达到48个百分点。This paper constructs a dynamic panel data model of real estate wealth effects and estimate China real estate wealth effect with the system GMM estimation method based on data from 31 provinces through 1997-2010.The results show that real estate price is positively related to household consumption,with higher wealth effect of real estate of eastern and central regions than that of the western region,that the wealth effect is weakening with economic development and increased household income,and that the elastic coefficient through 2004-2010 is significantly less than that through 1997-2003 with 48 percentage decrease.

关 键 词：房地产 财富效应 系统GMM 

分 类 号：F224[经济管理—国民经济] F293.3