Fiscal Pressure, Land Finance and House Price Ratchet Effect
- TANG Yunfeng, MA Chunhua
- Zhejiang University of Finance and Economics
This paper takes the financial pressure, the land finance and the house price level into one analysis frame, and systematically examines the influence mechanism of the house price caused by the financial pressure and the land finance. The local government has raised the price of land, which is equivalent to raising the cost of real estate, indirectly raising the house price. The financial pressure does not only directly raise the house price, but also through the land finance to enlarge the house price.
- Land Finance, Fiscal Pressure, House Price Ratchet Effect