The effectiveness and consequences of the government's interventions for Hong Kong's residential housing markets
利用微观交易数据和断点回归设计，研究了2009至2017年间香港政府干预措施对住宅市场的效果，发现按揭收紧措施降温有效但部分子市场波动，税收措施抑制交易却引发价格波动，且对资助公共住房有溢出效应。
Abstract We study the effectiveness, consequences, and transmission mechanisms of the government's interventions for Hong Kong's residential housing market between 2009 and 2017. We use granular microlevel transaction data and adopt a regression discontinuity design to conduct the empirical analysis. We find that mortgage‐tightening measures effectively curbed the overheated market by reducing price and volume while specific submarkets occasionally experienced volatility. Tax‐driven measures effectively suppressed trading activity but triggered price volatilities across submarkets. Several rounds of measures had a spillover effect on subsidized public housing. Our findings have implications for policymakers seeking to review and revise property market intervention policies in Hong Kong and elsewhere.