首页|A Theoretic Approach to China's Housing Market Boom and Down Payment Loans
A Theoretic Approach to China's Housing Market Boom and Down Payment Loans
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In this paper, we theoretically model the dynamic credit-financed real estate market, from a micro point of view, to show how the interaction between expectation of higher house price and down payment loan (DPL), even without changes in economic fundamentals, could result in price boom. Further, we find that the elastic house supply, due to developers timing the market, could add to the problem. Our model offers a good interpretation to the 2015 house price boom witnessed in China. Also, we dig into the potential consequences of the real estate boom and corresponding policy implications.
House priceMoral hazardFinancial accelerator
Man Xu、Qing Shi
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Shenzhen University, No.3688 Nanhai Road, Shenzhen, China
Shenzhen University, No. 3688 Nanhai Road, Shenzhen, China
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