2008年因美國次級房貸風暴造成全球金融海嘯，美國、歐洲及日本為了救經濟，實施量化寬鬆貨幣政策，逐次宣布降息。我國政府亦同時宣布降息，重貼現率自2008年第二季的3.625%降至2010年第二季的1.25%史上最低水準。美歐等國家實施量化寬鬆貨幣政策亦造成全球熱錢亂竄，我國不動產市場自2009年起開始不合理的持續飆漲。 政府為了抑制不動產市場價格的飆升，自2010年開始陸續實施多項抑制房價措施，其目的為打擊投資客炒作不動產價格並促使房價回歸合理價格以防止不動產市場泡沫，及避免銀行授信業務過度集中於不動產放款業務。 本研究透過政策分析法，根據政府於2010年4月開始推動「健全房屋市場方案」，共整理出四大重點政策，並針對以下四項政策進行對不動產市場及銀行不動產授信業務的影響範圍及程度。（一）不動產擔保品貸款成數及利率限制、（二）奢侈稅、（三）實價登錄、（四）房地合一稅。 研究結果如同IMF所建議，稅賦制度的影響成效最為明顯且影響總體經濟的範圍最小，奢侈稅的實施使房市交易量大幅減少， 2016年房地合一稅制，取代奢侈稅後，當年度房市交易量再創15年新低，成功擊退特定炒房投機客，減少需求面一方的不動產市場，開始逐漸回歸合理範圍內的成交量，房價亦於2014年至今開始逐年緩跌，房市軟著陸，抑制房價政策成功的減少了我國經濟的不穩定性及房市的泡沫化危機。 ;Subprime mortgage crisis caused global financial crisis in the U.S in 2008. The U.S, Europe and Japan used Quantitative Easing Monetary Policy to rescue the economy. Taiwan’s government announced the lowering of interest rates at the same time, the re-discount rate reduced from 3.625% in the second quarter of 2008 to 1.25% in the second quarter of 2010, which was the lowest point in history. Quantitative Easing Monetary Policy in the U.S and Europe caused hot money to flow around the world. Another consequence was the unreasonably high rise in real estate prices in Taiwan. To stop real estate market prices rising, the Taiwanese government has been releasing a series of policies since 2010 to reduce property speculation and force real state prices back to normal in order to prevent the real estate bubble bursting. In this study, we use policy analysis, based on Improving the housing market program, provided by the Taiwanese government in April 2016. 4 main policy follow by: 1. lowered maximum mortgages 2. Luxury tax 3. Real Value Registry Scheme 4. Combined Housing and Real-estate Tax The result of this study shows the same as the IMF suggested, that the tax system has the most effective result and smallest impact for economic system, the luxury tax policy reduces real estate transactions and that the Combined Housing and Real-estate Tax replaced luxury tax in 2016. In the same year, real estate transaction volumes broke a new low in 15 years, successfully reduced investors, real estate transactions returned to reasonable volumes. The price of real estate has gone down since 2014, Improving the housing market program has been successfully stabilized Taiwan’s economy and rescued us from the real estate bubble bursting.
