银行信贷扩张与房地产泡沫:美国、日本及东亚各国和地区的教训

Bank Loans' Over-expansion and the Real Estate Bubble:Lessons from U.S.,Japan and East Asia

银行业与房地产业之间有着非常密切的关系。本文通过对20世纪80年代以来先后在美国、日本以及东亚各国和地区发生的房地产泡沫危机的考察,指出银行信贷在房地产业的过度扩张不仅是造成房地产泡沫的重要原因,而且在泡沫崩溃和经济、金融危机中也起了同样重要作用。为此,我们应汲取这一教训,积极推进国有商业银行的改革,发展各类金融市场,加强金融监管和金融市场制度建设,以确保我国银行业和房地产业的健康发展。

Banking has a close relationship with the housing industry. Based on the analysis of the experiences of the U.S., Japan and East Asian countries and regions since the 1980s, this paper points out that bank loans to the housing industry are one of the most important reasons in the bubble economy, both in the formative and the debacle years. China must improve soundness of stated-owned banks, develop financial markets and strengthen the regulation, for the development of China＇s banking and housing industries.