CAJ | 학술논문

通过区分房地产市场中消费者和投资者，建立购房信贷市场化和政府管理两类房贷市场模型，指出两者表现出共同的特征，即房地产市场消费者比例超过一定范围时，投资者会获得超额所得，且随着消费者比例增加，该超额所得会增加，而消费者没有任何超额所得。本文还用模型说明了货币或信贷调控政策对房地产市场作用是短期性的，不会起到长期稳定房价的作用；要长期稳定房价，就需要从制度上控制进入房地产市场的消费者的比例。
통과구분방지산시장중소비자화투자자，건립구방신대시장화화정부관리량류방대시장모형，지출량자표현출공동적특정，즉방지산시장소비자비례초과일정범위시，투자자회획득초액소득，차수착소비자비례증가，해초액소득회증가，이소비자몰유임하초액소득。본문환용모형설명료화폐혹신대조공정책대방지산시장작용시단기성적，불회기도장기은정방개적작용；요장기은정방개，취수요종제도상공제진입방지산시장적소비자적비례。
On the basis of differentiation on housing consumer and investor, the authors built two different housing credit market models. Both of models exhibit one common characteristic on real estate market, that is when the ratio of housing consumer is larger than a constant, the housing investor will get the gain remain, and as this ratio increasing, the gain remain of the housing investor will increase too. The analysis of model explains that the money or credit control policy is a kind of short-time effect for the real estate market, and the housing price can＇t be stable by this policy for a long time.