This study investigates the influence of the price elasticity of the land supply in China (PELS), which represents the characteristics of the local government land supply behavior, using a theoretical model of the land and housing markets to analyze the situations when the land supply exceeds the demand and the demand exceeds the supply. This paper finds that the PELS greatly affects the land and housing market equilibrium, with a higher PELS bringing local governments more land leasing revenue. Monthly data for 35 major cities in China from January, 2006 to September, 2013 show that the fluctuation in housing price and trading volume and the financial dependence on the land leasing revenue of the local governments significantly affect the PELS. Local governments should make reasonable plans for the land supply according to development in these cities, and ensure an effective land supply for housing.
刘洪玉,姜沛言. 中国土地市场供给的价格弹性及其影响因素[J]. 清华大学学报(自然科学版), 2015, 55(1): 56-62.
Hongyu LIU,Peiyan JIANG. Price elasticity of land supply and related impact factors in China. Journal of Tsinghua University(Science and Technology), 2015, 55(1): 56-62.
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