摘要
次贷危机后,人们开始重新审视房地产业的健康发展对于整个国民经济的重要作用。基于明斯基的金融不稳定理论视角,运用明斯基模型解释次贷危机爆发的根源和发展的线路,认为美国房地产经济经历了"正向冲击速发展""非理性繁荣""负面冲击"阶段,最终导致危机爆发。我国的房地产业起步较晚,但发展迅猛,房地产泡沫的出现警示我们要警惕房地产经济的明斯基周期。因此,应善用政府干预这一看得见的手管理房地产市场,加强经济政策之间的协调,加快推动住房按揭贷款证券化,以防范中国房地产金融风险。
The significance of the healthy development of the real estate industry for the entire national economy has been re - examined since the sub - prime mortgage crisis. Based on Minsky＇ s financial instability theory, by using Minsky model, the paper explains the root causes and the evolution route for the sub - prime crisis. It＇ s held that the U.S. real estate economy experienced the stages of ＂highly positive impact development＂, ＂irrational exuber- ance＂ and ＂negative impact＂, eventually leading to the Crisis. In China, since real estate industry started rather late but gained a rapid development, the emergence of the real estate bubble warns us to keep vigil over the real es- tate economy Minsky cycle. Therefore, it＇s necessary to make good use of ＂the visible hand＂ -government inter- vention to manage the real estate market and strengthen coordination between economic policies, to accelerate secu- ritization of residential mortgage loans, so as to guard against Chinese real estate financial risks.
出处
《征信》
北大核心
2013年第10期6-10,共5页
Credit Reference
关键词
次贷危机
金融不稳定
房地产业
金融风险
sub -prime mortgage crisis
financial instability
real estate industry
financial risks
