Government Intervention in an Overheating or Overcooling Housing Market:Implications from Singapore's Experience
分析了新加坡两轮住房市场干预，发现早期大量公共住房缓解了房价上涨压力，HDB和CPF制度有效调节供需，累进税率遏制投机需求，但利率工具效果不佳，CPF放松管制可能引发泡沫，补贴可能外溢至私人市场。
Reinforcing effective government intervention in an overheating or overcooling housing market is essential to sustain steady and fast economic development. This paper analyzes two influential rounds of government intervention in Singapore's housing market. After introducing the background of the macro economy and housing market development, the intervention objectives and intervention tools are examined. Based on the conceptual framework of Singapore's intervention in the housing market, we find major advantages include that the early establishment of a large share of public housing in the stock alleviated the pressure when there was a fast house price appreciation, and the institutional arrangements of HDB and CPF provide effective tools to regulate the housing supply as well as housing demand. The progressive tax rates based on the housing layout and occupancy period are more effective in curbing the speculative demand. Meanwhile there also exists some disadvantages, the interest rate tool was proved to be less effective, the decontrol measures of the CPF might probably caused the price bubble and the active resale public housing market gave chance for the housing subsidies to leak to the private market.