Correlation Research On Real Estate Bubble And Credit Expansion

The development of real estate industry has a far-reaching effect on the nationaleconomy and the people’s livelihood．Real estate belongs to capital densely industry and has aclose relationship with financial market．The level of house prices affects not only thedevelopment of real estate and correlative industry,the standard of civil living，the progress ofa city,but also a state’s normal fmancial system and even economy．In1990’s the Japanese real estate bubble was blown up. Since this year,the crisis of USsecondary debt has emerged. Both in the history and at today,Crisis caused by real estatebubble was always a fatal factor for the turning point of domestic economy to depression, andespecially the financial crisis caused by the real estate loan was the last straw.Since the housing system reform in1998，domestic real estate market has made adramatic progress and great change has been taken place on China’s consume structure．Theafflux of Bank credit capital and money that the public estate companies raised to real estatemarket drives the real estate industry to the first mainstay of China、S economy．The financialsustainment is among the impetus to all these changes．At the same time，rising in price ofreal estate has been promoted since2000in China,especially,in most cities the realty pricesjumped．Under the booming background of global real estate market,the remarkable markupand expanding scale of real estate accelerated the prosperity of financial industry.The thesis first combines theoretic analysis and normative analysis to discuss the conductmechanism between undulation of house prices and credit expansion．And the though analysisof real estate bubble cases both domestic and overseas，the thesis learns lessons to appraisethe performance of China、current real market and correlative financial market and thesubsistent hidden risk．Finally,the thesis brings forward control policy advice on the point ofmacroeconomic view for the healthy of China real market and steadiness of financial system．...