Urban real estate market differentiation re-quires vigilance against the risk of volatility propagation.Re-search methodology:Based on the network analysis perspective,we quantify the"ripple"effect of house price,report the charac-teristics of the network structure,and conduct empirical research on the effect of the old neighborhood renovation policy.The study finds that:urban house price trend guidance and volatility propagation modes are different,and there are significant differ-ences in the mechanism paths and cluster distribution of the two;urban house price trend changes are characterized by economic and geographic clusters,with first-tier urban agglomerations playing a leading role in the overall situation;the house price volatility"ripple"network is segregated in terms of city levels,while there is close inter-regional connection,with the second-tier cities playing a leading role in the overall situation.The second-tier cities'house price fluctuation spreads the interme-diary and net spillover influence significantly,the central and eastern regions are the net spillover region of the"ripple",and the two-way cycle of house price fluctuation in the northeast and western regions is worth paying attention to.The renovation of old neighborhoods has an inhibiting effect on the risk of fluc-tuating house price spillover,and urban renewal at this stage helps consolidate the"firewall"of house price fluctuation propa-gation and strengthens the resilience of real estate market devel-opment.
housing price ripplerisk spilloverurban renewalDiebold-Yilmaz Connectedness Index
NETL
NSTL
万方数据
