| Real estate bubble is a theoretical issue and also a practical one. Over last 20 years during which the real estate industry in China developed, the real estate bubble in 1992 and 1993 was very impressive and aroused the wide concern by economists and pubic at large.The move of real estate price holds the balance for the health of the economy and is closely linked with civilian life. While the process of citilization and housing system reform are deepening, some industrial policies and credit policies have been carried out to support the development of real estate industry. Along with the rapid growth of this industry and the durative rising price, the price issue has become a focus of current economic development process. It is most meaningful to the health of the economy and risk avoidance that we have a right understanding of real estate bubble.The price of real estate has been rising mildly since 2001; however it speeded up in the end of 2004. The high price of real estate caused wide public concern and people from different sectors had different opinions on whether there is bubble in this industry. This controversy reflects that there are different criteria for real estate bubble.It is obvious that research on real estate bubble and indicators which are used to judge whether the bubble exists or not is meaningful both theoretically and practically.Based on earlier literatures and author's understanding, this thesis elaborates the cause and harm of real estate bubble, explains its formation with supply-demand analysis, and also produces and chooses a set of indicators as criteria.This thesis includes five chapters:Chapter 1 introduces the characteristics and risks of real estate industry, the research purpose, significance, studying method and main content in this paper. |
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