Analysis Of Path Dependency In The Institutional Change Of Administrative Official Consuming System In China

With the arrival of aging population, China is facing increasing pressure on the pension, and thetraditional “family pension” and “social security pension” is difficult for the elderly to provide full pensionprotection. Innovative pension ways, seeking feasible new pension ways, and enhancing self-protectionability of the elderly, has become a reality problem solved. Housing reverse mortgage, also known as the“reverse mortgage” and “housing reverse mortgage”, is a new type of pension, which develops following tothe “Housing Endowment” concept in the context of the aging pension shortage of resources. It is usefulsupplement for bringing up children for the purpose of being looked after in old age and using money forold age. On the basis of defining the connotation of reverse mortgage endowment way and analyzing itstheoretical basis, this paper discusses the necessity and feasibility of implementation of housing reversemortgage endowment way in China. This indicates that rising aging population and the obvious aging trend,the unsound social old-age security and insufficient resources endowment, and the weakening of traditionalfamily pension function, is the reason in development housing reverse mortgage. The rising ofhomeownership rate, sufficient financial capital, maturing secondary real estate market and the graduallychanging of housing concept, provides the basic conditions to implement the housing reverse mortgage.At present, some of China’s provinces have begun to explore the practice of “retirement withhouse”, mainly formed four modes, such as room-for-raising mode in Nanjing, room buffet pension modein Shanghai, retirement housing bank mode in Beijing, and endowment mortgage mode. These explorationsare met with great resistance, not yet achieved the desired effect. The implementation of housing reversemortgage, facing four obstacles, the first is the resistance of traditional pension and consumer attitudes, the second is the separate operation of the financial industry, the third is the main body of the absence of thecontractor, and the fourth is the shackles of the existing land policy. The practices of the United States,Britain and other developed countries have given us much useful enlightenment, such as playing a functionof the government; strengthen risk control, and making product form more diverse. On the basis ofcomparative government mode, market mode and the third mode, this paper indicates that we shouldchoose the “government support for market-oriented operation” mode, which is the most suitable for ourcountry. Therefore, we should prefect the operation mechanism of housing reverse mortgage loan, clear thefunction of the government in the implementation of the reverse mortgage, and use many kinds of means toavoid the policy risk, the risk of asymmetric information, the risk of the change in interest rates, and therisk of the change of real estate value.