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| The Dynamic Influence of “Two-round Purchase Restriction” on Housing Price |
| Chen Shuyun Wang Xiangxiang Wang Youhui |
| School of Economics and Business Administration， Central China Normal University， Wuhan 430079 |
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Abstract Under the background of macroeconomic regulation and city-specific policies， parts of cities carry out the spirit of "housing is for living in， not for speculation" by purchase restriction policy. The study uses 70 large and medium cities housing prices monthly data from 2010 to 2018， to inspect the dynamic effects of the “two rounds of purchase restriction” policies on different housing prices by PSM-DID. The study finds that， the purchase restriction policy can restrain the price of newly-built housing in a short period of time， especially the large dewelling-size housing， but cannot effectively control the price of second-hand housing； By comparing the two rounds of purchase restriction policies simultaneously， it finds that the effect of the second round is significantly weaker than the first one， indicating that the purchase restriction policy can only serve as a transitional policy for local governments to control the excessively rapid rise of housing prices in a short time. Therefore， in order to effectively control the rise of housing prices， it is necessary to stabilize market expectations and establish a new housing system which encourages both renting and purchasing.
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Received: 21 January 2019
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2019, Vol. 58 
