The Fictionization and Dual-analyzing Framework of Real Estate Market
Real estate is a dualistic industry. On one hand, it is a subsector of real economy; on the other hand, it has an attribute with very strong fictitious economy, mainly reflecting in such aspects as the strong price fluctuation, autonomous capital proliferation and capital fictionization. As a result, when analyzing whether the market price of the real estate deviates from its value, we should not only take into account of housing price-to-income ratio, real estate vacancy rate and housing price-to-rent ratio from the point of real economy, but also the money supply, interest, credit and finance liberalization from the point of fictitious economy. In conclusion, this article holds that it makes much more sense to judge and forecast the trend of the real estate market by using fictitious economy than by applying real economy. Further, the management of real estate bubble can not be separated from the support of monetary and financial policies.
Real estate Fictionization Real economy The U.S. subprime mortgage
Xing-ting Peng
School of Business and Management, Jiangxi University of Finance and Economics, Nan Chang, 330013, China
国际会议
第八届武汉电子商务国际会议(The Eighth Wuhan International Conference on E-Business)
武汉
英文
1410-1413
2009-05-30（万方平台首次上网日期，不代表论文的发表时间）