There is some disagreement in the published literature regarding the definition and the measurement of housing bubbles in China. Extending the analytical framework of Black et al. （2006）, the present paper measures ...There is some disagreement in the published literature regarding the definition and the measurement of housing bubbles in China. Extending the analytical framework of Black et al. （2006）, the present paper measures the housing bubbles of China＇s 35 major cities from the second quarter of 1999 to the second quarter of 2010. The results indicate that the housing bubbles in China＇s 35 major cities were relatively small in the sample interval, but the bubbles in eastern metropolises, such as Beijing, Shanghai, Shenzhen, Hangzhou and Ningbo, have been relatively big since 2005. The changing tendency of housing bubbles in most cities highly corresponds with the changes in real estate policies. This paper decomposes the housing bubbles of the 35 cities, and finds a great proportion of irrational bubbles rather than rational intrinsic bubbles generated by price speculation. Based on empirical analysis, this paper proposes policy recommendations for preventing the generation and expansion of housing bubbles.展开更多
Existing literature is characterized by certain deficiencies in measuring housing bubbles in China. By extending the analytical framework of Black et al. （2006） to a spatial panel VAR structure, this paper measures ...Existing literature is characterized by certain deficiencies in measuring housing bubbles in China. By extending the analytical framework of Black et al. （2006） to a spatial panel VAR structure, this paper measures housing bubbles in China＇s 35 major cities from 1999Q2 to 2012Q3 and analyzes the spatial-temporal changes of the housing bubbles in these cities. Results indicate that 1） changes to housing bubbles in most cities highly correspond with changes in the main real estate policies of the country and 2） housing bubbles in eastern developed cities such as Beijing, Shanghai, Shenzhen, Hangzhou, and Ningbo, have been relatively large in recent years although the average housing bubble is not very serious over the 35 major cities. Through the Kernel Density Function and local indicators of spatial autocorrelation analysis, this paper finds that housing bubbles are concentrated in several eastern developed cities. Based on empirical analysis, this paper proposes policy recommendations on inhibiting the expansion and diffusion of housing bubbles.展开更多
Looking for ways to establish solid links between Complexity Sciences and Economics, new evidence comes in form of studies that can serve to validate models as the Sandpile and the phenomenon of punctuated equilibrium...Looking for ways to establish solid links between Complexity Sciences and Economics, new evidence comes in form of studies that can serve to validate models as the Sandpile and the phenomenon of punctuated equilibrium, when considering the portability of the theories and models from the Complexity Sciences to Economics. This is a review of a former paper on the Taylor Rule and the Sandpile in the light of new findings regarding the recent US Housing Bubble.展开更多
基金supported by the National Natural Science Foundation of China(No.71173223)the Fundamental Research Funds for the Central Universitiesthe Research Funds of Renmin University of China(No.10XNF049)
文摘There is some disagreement in the published literature regarding the definition and the measurement of housing bubbles in China. Extending the analytical framework of Black et al. （2006）, the present paper measures the housing bubbles of China＇s 35 major cities from the second quarter of 1999 to the second quarter of 2010. The results indicate that the housing bubbles in China＇s 35 major cities were relatively small in the sample interval, but the bubbles in eastern metropolises, such as Beijing, Shanghai, Shenzhen, Hangzhou and Ningbo, have been relatively big since 2005. The changing tendency of housing bubbles in most cities highly corresponds with the changes in real estate policies. This paper decomposes the housing bubbles of the 35 cities, and finds a great proportion of irrational bubbles rather than rational intrinsic bubbles generated by price speculation. Based on empirical analysis, this paper proposes policy recommendations for preventing the generation and expansion of housing bubbles.
文摘Existing literature is characterized by certain deficiencies in measuring housing bubbles in China. By extending the analytical framework of Black et al. （2006） to a spatial panel VAR structure, this paper measures housing bubbles in China＇s 35 major cities from 1999Q2 to 2012Q3 and analyzes the spatial-temporal changes of the housing bubbles in these cities. Results indicate that 1） changes to housing bubbles in most cities highly correspond with changes in the main real estate policies of the country and 2） housing bubbles in eastern developed cities such as Beijing, Shanghai, Shenzhen, Hangzhou, and Ningbo, have been relatively large in recent years although the average housing bubble is not very serious over the 35 major cities. Through the Kernel Density Function and local indicators of spatial autocorrelation analysis, this paper finds that housing bubbles are concentrated in several eastern developed cities. Based on empirical analysis, this paper proposes policy recommendations on inhibiting the expansion and diffusion of housing bubbles.
文摘Looking for ways to establish solid links between Complexity Sciences and Economics, new evidence comes in form of studies that can serve to validate models as the Sandpile and the phenomenon of punctuated equilibrium, when considering the portability of the theories and models from the Complexity Sciences to Economics. This is a review of a former paper on the Taylor Rule and the Sandpile in the light of new findings regarding the recent US Housing Bubble.
