Liu chuanzhe
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Urban Housing Price Fluctuations and Regional Syste mic Financial Risks: Panel Spatial Economic Models in Jiangsu,China

DOI number:10.3390/su10103452


Key Words:urban housing price; regional systemic financial risk; spatial contagion

Abstract:The regional systemic financial risks driven by escalating urban housing prices have been of great concern recently. Based on the theoretical analyses on the mechanism of formation of regional systemic financial risk driven by urban housing price fluctuations, this paper builds panel spatial economic models to empirically analyze the relationship between urban housing price fluctuations and regional systemic financial risks, in addition to their spatial linkages, in 13 cities in Jiangsu, a representative province of China. The empirical results show the following. (1) The excessive investment or speculation of local governments, banks, real estate developers, individuals, and families on the housing market stimulate the escalation in urban housing prices, leading to the systemic financial risks; (2) Urban housing prices and the land supply price of local governments have strong spatial contagion effects among cities, which will diffuse risks to adjacent cities, causing regional systemic financial risk; (3) Compared with North Jiangsu, South Jiangsu has more serious investment expansion from real estate developers and stronger spatial contagion effects, suggesting the existence of heavier regional systemic financial risks derived from housing price fluctuations; (4) North Jiangsu has slightly stronger “imitative behavior” among local governments, and fewer “substitution effects” of central cities’ demand to adjacent cities’ demand than does South Jiangsu.

First Author:Liu Fengyun


Indexed by:Journal paper

Correspondence Author:Liu chuanzhe



Translation or Not:no

Date of Publication:2018-09-27

Included Journals:SCI、SSCI

Personal information

Supervisor of Doctorate Candidates
Supervisor of Master's Candidates

Date of Birth:1964-10-14


Date of Employment:1990-03-01


Education Level:With Certificate of Graduation for Doctorate Study

Business Address:江苏省徐州市大学路1号中国矿业大学经济管理学院


Contact Information:电话:13775889059 电子信箱 微信(854556337)



Academic Titles:经济管理学院副院长,校科研院副院长、社科处处长(兼)

Alma Mater:南京农业大学

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Academic Honor:

Participant of the Provincial Young and Middle-Aged Academic Leaders Program  2004  

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校师德模范  2008-09-01

徐州市师德先进个人  2009-09-30

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