Fiscal Pressure,Land Finance and Ratchet Effects of House Prices  

作　　者：Yunfeng Tang Chunhua Ma 

机构地区：[1]School of Public Administration,Zhejiang University of Finance&Economics [2]Zhejiang University of Finance&Economics,China

出　　处：《China Finance and Economic Review》2018年第1期73-94,共22页中国财政与经济研究（英文）

摘　　要：In this paper,we focus on the issues of local governments’fiscal pressure,land finance and house prices,and systematically analyze how local governments’fiscal pressure and land finance lead to China’s ratcheting up of house prices.The results show that to release the fiscal pressure,local governments tend to increase land revenue and obtain high real estate related revenue by raising house prices.In this sense,the increase of the land transfer price will result in the increase of the cost of real estates,and eventually leading to the increase of house prices.That is to say,local governments’fiscal pressure will not only result in the increase of house prices directly but also consolidate the ratchet effects of house prices.

关 键 词：land finance fiscal pressure ratchet effects of house prices 

分 类 号：F42[经济管理—产业经济]