Journal of Public Economics · 2024 · Sumit Agarwal、Yu Qin、Tien Foo Sing、Changwei Zhan
中文摘要
本研究利用新加坡总理宣布国内受海平面上升（SLR）影响区域及其价值达1000亿新加坡元的适应策略这一事件。利用包含精确位置信息的交易层面数据，我们发现，公告发布四年后，SLR区域的公共住房价格相对于非SLR区域下降了7.2%。在有适应措施的SLR区域，价格贬值缓解至0.6%。在私人住房部门，永久产权房产比租赁产权房产从适应策略中获益更多。我们校准得出，冲击前后的长期贴现率在SLR区域分别为2.27%和2.14%，在有适应措施的SLR区域分别为2.35%和2.12%。（JEL H43, R21, R28, R38, R51, Q54）
Abstract
This study exploits the Singapore Prime Minister’s announcement of the areas affected by sea level rise (SLR) within the country and its adaptation strategies valued at 100 billion Singapore dollars. Utilizing transaction-level data with exact locations, we find that public housing prices dropped by 7.2% in SLR areas four years after the announcement relative to non-SLR areas. In SLR areas with adaptation, the price depreciation was mitigated to 0.6%. In the private housing sector, freehold properties benefit more from adaptation strategies than leasehold properties. We calibrate the long-term discount rates before and after the shock at 2.27% and 2.14% in SLR areas and 2.35% and 2.12% in SLR areas with adaptation, respectively. (JEL H43, R21, R28, R38, R51, Q54)