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伴随着我国城镇化发展的进程,住房刚性需要求不断增加,土地需求面积不断扩张,所滋生的土地市场寻租现象也多有发生。理论上,寻租成本带来土地成本的增加,推动了房价的上涨。然而,本文研究发现,含有寻租成本的土地价格并不是构成房价上涨的诱因,而房价的上涨对地价的波动却具有倒逼作用,寻租成本对土地价格仅具扰动作用。研究进一步发现,房产泡沫的出现抑制了消费、投资和对外出口,最终影响经济的可持续增长。
With the development of urbanization in our country, the rigid demand of housing needs increasing constantly. The area of land demand is constantly expanding, and the phenomenon of rent-seeking in the land market also occurs frequently. In theory, the cost of renting brings the cost of land increased, driving up house prices. However, this study finds that the price of land with rent-seeking costs is not an incentive for housing price increases. However, the rise of housing prices has the effect of forcing land prices and the rent-seeking costs have only a perturbing effect on land prices. The study further found that the emergence of the real estate bubble suppressed consumption, investment and exports, ultimately affecting the sustainable economic growth.