【11月22日】A Prevention against Bubble

主 题：A Prevention against Bubble (防范土地泡沫的制度)
 
 
[摘要]This paper shows some solutions to prevent the occurrence of the “rational” bubble in the asset trading. Firstly, it showed that a capital gain tax at 100% can induce a “real demand”,' while exclude “speculative demand” and then exclude “rational” bubble ex ante and ex post. Our proposal does not distort the asset price based on fundamentals even when the information on fundamentals is renewed; Secondly, we show that the transaction tax (Tobin's proposal) excludes “speculative demand” to exclude “rational” bubble only if the tax rate is equal to 100% at which market economy is ruled out, and distorts the fundamental price hence this tax is not appropriate in a market economy; Thirdly, it is shown that the dividend tax cannot exclude the bubble; Fourthly, we show that the rebate option can exclude the bubble; Finally, it is shown that the fixed period of land-use right can prevent the bubble in the land market.
 
 
主讲人：万军民，福冈大学教授
 
主持人：罗楚亮教授
 
时  间：11月22日下午2点半到4点
地  点：北师大后主楼1610