Analysis of Formation Mechanism of the Real Estate Bubbles
Real estate is the basic and pilot industry in the economic development and its moderate development can sustain and drive the development of the whole economy. Yet at the same time it is one of the main carriers of the bubble economy. Based on specific characteristics of the real estate, this paper gives an overall examination of the formation mechanism of the real estate bubbles from many aspects like the land speculation, the specificity and non-standard order of the real estate market, the expectation and some non-rational behaviors of the consumers, speculation factor, information asymmetry, structural contradiction, the support of the financial institution and policy and etc. Then it puts forward the idea that to prevent and administer the real bubbles, the government should first find out what causes the bubbles and then take some approaches and measures such as regulating the real estate market by creating sound and fair market environment, actively guiding the consumers to establish the reasonable consumption view, strengthening the supervision to the financial organizations to make them increase their risk awareness, enhancing the regulating power from the policy, perfecting the housing securing system and regulating the supplying structure of the estate market to promote the virtuous circulation and the healthy development of the housing industry and the harmony and balance of the whole national economy.
land speculation non-rational behavior information asymmetry real estate bubbles formation mechanism
LIU Shuru HUANG Nan SHANG Aihua
Xi’an University of Architecture and Technology, Xi’an, Shanxi, china 710055 Xi’an University of Architecture and Technology,Xi’an, Shanxi, china 710055
国际会议
2009 International Conference on Construction & Real Estate Management(2009建设与房地产管理国际会议)
北京
英文
1230-1233
2009-11-05（万方平台首次上网日期，不代表论文的发表时间）