The Impacts of Land and Real Estate Price Fluctuations on Financial Stability: Evidence from China

IF 1 4区经济学 Q3 ECONOMICS

Australian Economic Review Pub Date : 2022-12-09 DOI:10.1111/1467-8462.12496

Jinsong Wang, Wenhui Wu, Yueqiao Li, Qiyuan Yang

引用次数: 0

Abstract

We construct a provincial financial stability index, and use panel vector autoregression to construct a model for empirical testing. We find that local governments' reliance on land grant premiums amplifies the impact on financial stability. In addition, the relationship between the real estate market and the financial system allows real estate price fluctuations to significantly affect market participants, further impacting financial system stability. Finally, in the eastern region, land price fluctuations have a less adverse impact on financial stability, while in other regions, rising commodity real estate prices are the biggest threat to financial stability.

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土地和房地产价格波动对金融稳定的影响：来自中国的证据

本文构建了省级金融稳定指数，并利用面板向量自回归构建模型进行实证检验。我们发现，地方政府对土地出让溢价的依赖放大了对金融稳定的影响。此外，房地产市场与金融体系之间的关系使得房地产价格波动对市场参与者产生显著影响，进而影响金融体系的稳定。最后，在东部地区，土地价格波动对金融稳定的不利影响较小，而在其他地区，商品房地产价格上涨对金融稳定的威胁最大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Australian Economic Review ECONOMICS-

CiteScore

1.90

自引率

10.00%

发文量

期刊介绍： An applied economics journal with a strong policy orientation, The Australian Economic Review publishes high-quality articles applying economic analysis to a wide range of macroeconomic and microeconomic topics relevant to both economic and social policy issues. Produced by the Melbourne Institute of Applied Economic and Social Research, it is the leading journal of its kind in Australia and the Asia-Pacific region. While it is of special interest to Australian academics, students, policy makers, and others interested in the Australian economy, the journal also considers matters of international interest.