从QE看公租房作为法定财富标志的可行性  

The Feasibility of Public Rental House Being as Fiat Wealth Identification Referring to QE

作　　者：林左鸣[1] 闫妍[2,3] 

机构地区：[1]中国航空工业集团公司,北京100022 [2]中国科学院大学管理学院,北京100080 [3]国家信息中心,北京100045

出　　处：《广义虚拟经济研究》2012年第4期5-20,共16页Research on the Generalized Virtual Economy

基　　金：广义虚拟经济研究专项资助项目[项目编号:GX2011-1019(Y)];国家自然科学基金(No.71103179)

摘　　要：通过对财富标志形成理论及房价在货币政策传导机制中所起的作用进行剖析,揭示了房地产成为社会性财富标志的必然性和由于未能进化成法定财富标志而容易泛化的缺陷性。2008年至今,美国推出了三轮量化宽松货币政策(QE),是为求解上述问题而进行的有益尝试,这与林左鸣和闫妍提出以公租房作为法定财富标志的主张不谋而合。鉴于我国中央银行以外汇为主的资产结构导致的货币政策被动、以及房地产市场乱象丛生的现实,必须尽快落实以公租房作为法定财富标志的制度安排。央行对兼具法定和社会性双重财富标志属性的公租房产权进行公开市场操作,投放或回笼基础货币:(1)可以拓宽投资渠道,减少商品房的投资需求,抑制其价格过快上涨;(2)可以优化央行的资产结构,降低外汇占比,提高货币政策的自主性和灵活性;(3)可以引导社会资金投资公租房,解决其融资、建设位置和质量等问题,有利于通过租赁形式实现居者有其所的社会目标。After the literature review of the wealth identification theory and the status of the housing prices in the monetary policy transmission mechanism, this article reveals the necessity of real estate being social wealth identification, and discusses that real estate will be generalized if it could not evolve into the fiat wealth identification. Since 2008 to now, the US Federal Reserve has announced three versions of quantitative easing monetary policies （QE）, trying hard to solve the above problems, which are consistent with proposal suggested by Lin and Yan （2012） that public rental houses can be considered to be one type of fiat wealth identifications. In China, monetary policy is passive for foreign exchange is the main asset held by the central bank, and there are many problems unsolved in the real estate market, so we must make institutional arrangements of setting public rental houses as fiat wealth identification as soon as possible. In the open market operations, the central bank can increase or withdraw monetary base by purchase or sales of the property rights of public rental housing, which is a combination of social wealth identification and fiat wealth identification. Firstly, it could enlarge investment channels and decrease the investment demands of commercial houses, and also suppress the housing price rising sharply; Secondly, it will be helpful for the central bank to improve the asset structure and reduce the proportion of the foreign exchange in the total assets; Thirdly, it could guide social capital to invest the public rental houses and solve the present problems, such as capital sources, building locations and construction qualities, which will be helpful to realize the social aim of dwellers having the housing in the forms of renting.

关 键 词：公租房 法定财富标志 中央银行 货币政策 制度安排 

分 类 号：F293.3[经济管理—国民经济] F827.12