CAJ | 학술논문

本文从表现、成因以及影响三个方面对房价溢出效应的国内外相关研究做了全面的梳理与分析，总结了房价溢出效应在国家、区域、省份（州）以及城市间的广泛存在性和具体表现程度；构建出以社会交互和预期传染为内在机理，以人口、资金和信息流动为具体渠道，以区域间房地产市场的异质性、联动性和经济关联性为条件的完整形成机制理论框架；验证了货币政策在区域房地产市场间的异质性效果。最后，参照世界各国经验以及我国区域房地产市场的具体表现，本文提出了重点观测东部地区楼市表现以及根据各地区政策敏感程度实行差异化房地产管理的政策建议。
본문종표현、성인이급영향삼개방면대방개일출효응적국내외상관연구주료전면적소리여분석，총결료방개일출효응재국가、구역、성빈（주）이급성시간적엄범존재성화구체표현정도；구건출이사회교호화예기전염위내재궤리，이인구、자금화신식류동위구체거도，이구역간방지산시장적이질성、련동성화경제관련성위조건적완정형성궤제이론광가；험증료화폐정책재구역방지산시장간적이질성효과。최후，삼조세계각국경험이급아국구역방지산시장적구체표현，본문제출료중점관측동부지구루시표현이급근거각지구정책민감정도실행차이화방지산관리적정책건의。
A comprehensive exploration for spillover effects in housing price has been made on domestic and for-eign related research from the aspects its performance in empirical evidence,causes and influence in this paper. Its exis-tence across nations, regions, provinces (states) and cities has been approved, meanwhile the degree of spillover has been summarized. A complete theoretical framework of housing price spillover’s formation mechanism has been built with social interaction and expectation transmission as internal mechanism,with population flows,capital flows and information flows as spread channels, with the heterogeneity, comovement and economic relevance between re-gional real estate markets as conditions. Moreover,the heterogeneity of monetary policy effect across regions has been confirmed. Finally,with reference to the experience of advanced countries in the world as well as the manifestation of regional real estate market in China,I propose a key observation on the performance of eastern housing market and dif-ferential property management policy according to each region’s policy sensitivity.