Israeli Settlement in Occupied Territories and its Impact on Housing Prices in Israel
研究了1959至1988年以色列实际房价上涨132%的原因，发现政府鼓励在被占领土建立定居点的政策起到了平抑房价的作用，每年使房价涨幅降低1%至2.4%。
The real price of housing in Israel rose 132 percent from 1959 through 1988. This paper investigates the factors standing behind the temporal movement of the real price of housing. Special emphasise is given to the role of government policies that encouraged settlement in occupied territories. A static model of the housing market is formulated and estimated, which takes into account the interrelation between the housing market in Israel proper and the emerging market in the occupied territories. In addition to confirming the role of demand shifters in accounting for the increase in real housing prices, it is found that settlement in occupied territories was an important moderating factor. According to our estimates, settlement in occupied territories accounts for a moderation of 1 percent in the annual rate of price appreciation during the Labor government, and 2.4 percent during the Likud government. These figures are in line with our expectations in view of the different policies pursued by the rival governments.