Model analyzes housing price impacts of collective land marketization and shared ownership in rural areas, suggesting economic improvements.
Key Points
This research aims to explore the economic effects of the rural land property rights system in China, particularly focusing on housing prices and wealth inequality.
Constructed a general equilibrium model incorporating consumer goods, land ownership, and land use rights markets.
Analyzed the impact of collective land market entry on housing prices and wealth distribution.
Implemented shared ownership as a financial innovation within the model.
Housing prices decreased, especially reflecting the price of land use rights after market entry.
The introduction of shared ownership led to a shift in housing purchasing behaviors among residents.
Collective land trading improved welfare for low-income residents, reducing the wealth Gini coefficient by 16%.
Shared ownership implementation resulted in Pareto improvements.