美国的土地政策在宏观调控中的角色与功能

摘要

The purpose of this paper is to induce literatures on the land policies in the U.S. and discuss its impacts on the macro economy. Method used is literature review. The results indicate that： 1 ） Farm land conservation policy is useful for stabilizing farm product price in the short run while it is unsuitable to be an instrument of macro-regulation in the long run; 2） Suspending or keeping on urban expansion and urban renewal through zoning can decrease or increase investment. Decreasing floor area ratio （FAR） will stimulate developer to build quickly and suspend opportunistic behavior in the short run and raise the quality of housing and environmental in the long run. Property tax can guide the opportunistic investing of real estate in the short run and decrease the benefits of opportunistic investing in the long run; 3 ） Interest rate influences REITs and stocks of real estate companies quickly in the short run. High interest rate will attack the growth of economy. It is also important to monitor the risk of bad debt of mortgage market.In the long run, interest rate policy must coordinate with business cycle and it is also crucial to ameliorate financial market. It is concluded that land policies have significant impacts on the economic growth and cycles although they are not directly as the macro-regulation tools in U.S. The experiences are useful to the situation in China.%研究目的：归纳美国土地政策的文献，探讨美国的土地政策对宏观经济的影响，为中国土地宏观调控实践提供借鉴。研究方法：文献综述法。研究结果：（1）农地保护政策短期有助于农产品价格稳定，长期则不宜作为宏观调控的工具。（2）土地使用分区管制对投资影响的短期效果明显；调降容积率短期会刺激开发商抢建及暂缓投机，长期则能提高居住环境质量；不动产税收政策短期能够引导房地产投机需求的流向，长期则可降低投机的获利空间。（3）利率在短期内对不动产证券、不动产上市公司股票的影响较为迅速，调升利率会有效抑制经济过热，但也应注意抵押融资坏帐风险；长期而言利率调整应配合景气好坏，并从制度层面完善金融市场。研究结论：尽管美国的土地政策并非作为直接的宏观调控工具，但对宏观经济存在短期与长期的显著影响，其经验值得借鉴。