Does the Shanghais Housing Reform Meet the End .ppt

Does the Shanghai’s Housing Reform Meet the End?  :Analysis of the Property Right Economics Approach Ruey-Hua Liu Associate Professor, Department of Economics National Tsing- Hua University, Taiwan Ping- Hsiang Hsu Assistant Professor, Department of Tourism and Leisure Diwan College of Management, Taiwan Hong Kong Baptist University Introduction: China’s Economic Reform v.s Gradualism The dual-track system means two different price systems. One is from the official price, and the other is from the market. After 1990s, dual-track system had been emerged into one. However, it does not mean the institutional reform had been done completely from the viewpoint of property right economics . Introduction (Cont.) There are few research discuss theoretical dimension of property rights. Zhu(2002, 2005) is an exception. He regard the Danwei and local government as a coalition, which creats an ambiguous property right between SOEs and local governments. Besides Zhu’s research, it is not easy to find any spatial researcher use property right approach to analyze urban housing reform in China. This dimension is surely underdeveloped. The Position of this Paper The authors argue that the emergence of dual-track system is not subject to commodity or commodity price, but the consistency of the property rights belong to the people who use the commodity. Shanghai’s housing reform as the empirical study. Commercial housing v.s Non-commercial housing（ex.直屬公房） Commercial housing for overseas sale v.s Commercial housing for domestic sale Theoretical Framework V is the value function of housing. E includes many endogenous variables, such as location, crime rate, employment opportunity, public facility etc., to determine the price. In Lai’s original discussion, he intends to point out formal institution like zoning causes incomplete property right for land owners and fur