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题名How big is China's real estate bubble and why hasn't it burst yet?
作者
发表日期2017-05-01
发表期刊Land Use Policy
ISSN/eISSN0264-8377
卷号64页码:153-162
摘要

This paper represents an international, comparative, empirical study of the relationship between financial crises and real estate development, with a focus on China. We review recent major crises around the world from 1980 to 2014.We then discuss the ways real estate crises develop into financial crises (considering that most recent financial crises actually trace their origins to real estate bubbles). We also look at China's current economic situation, and identify potential threats to the country's economic development by comparing it with other countries’ historical experiences. A comprehensive analysis of the relationship between real estate and finance predicts an upcoming burst in China's bubble economy. We explore the deep-seated underlying Chinese systemic causes and characteristics that explain why China's economic bubble has yet to burst and the possible financial consequences of the real estate bubble in China. Our findings suggest that a financial crisis often emerges from a weak financial system which is too closely linked to the country's real estate sector. These linkages allow real estate crises to mushroom into financial crises. In turn, these financial crises balloon into macroeconomic crises. China's current situation is extremely alarming, though the country shows remarkable resilience to crisis as the government seems to possess the tools and capacity to avoid a hard landing. The findings of this research advance our understanding of the consequences of China's real estate bubble and sound a clear warning to China's policymakers.

关键词China Real estate bubble World financial crises
DOI10.1016/j.landusepol.2017.02.024
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收录类别SSCI
语种英语English
WOS研究方向Environmental Sciences & Ecology
WOS类目Environmental Studies
WOS记录号WOS:000405881100015
Scopus入藏号2-s2.0-85016731042
引用统计
被引频次:47[WOS]   [WOS记录]     [WOS相关记录]
文献类型期刊论文
条目标识符https://repository.uic.edu.cn/handle/39GCC9TT/5858
专题个人在本单位外知识产出
通讯作者Zhao, Simon Xiaobin
作者单位
Department of Geography and International Centre for China Development Studies, The University of Hong Kong, Hong Kong, China
推荐引用方式
GB/T 7714
Zhao, Simon Xiaobin,Zhan, Hongyu,Jiang, Yanpenget al. How big is China's real estate bubble and why hasn't it burst yet?[J]. Land Use Policy, 2017, 64: 153-162.
APA Zhao, Simon Xiaobin, Zhan, Hongyu, Jiang, Yanpeng, & Pan, Wenjun. (2017). How big is China's real estate bubble and why hasn't it burst yet?. Land Use Policy, 64, 153-162.
MLA Zhao, Simon Xiaobin,et al."How big is China's real estate bubble and why hasn't it burst yet?". Land Use Policy 64(2017): 153-162.
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