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  • 刘丰云

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Urban Housing Price Fluctuations and Regional Syste mic Financial Risks: Panel Spatial Economic Models in Jiangsu,China
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DOI码:10.3390/su10103452
发表刊物:Sustainability
关键字:urban housing price; regional systemic financial risk; spatial contagion
摘要: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.
第一作者:刘丰云
合写作者:任洪浩
论文类型:期刊论文
通讯作者:刘传哲
卷号:10
期号:10
是否译文:否
发表时间:2018-09-27
收录刊物:SCI、SSCI
版权所有:中国矿业大学