摘要
房产泡沫的形成可以用传统的套利机制和市场有效性假说来解释,本文从房产市场供求均衡的前提推导出银行过于乐观地对房产部门提供资金是推高房价的重要因素,并从银行资产组合配置的角度分析了影响银行对房产部门信贷的主要因素。除了房贷资产的预期收益、房贷违约率等因素,最重要的因素是银行的灾难近视和市场主体面临的不当激励。
The formation of real estate bubble can be explained by traditional economic theories such as arbitrage mechanism theory and effective market hypnosis. Based on the equilibrium of real estate market and the management of banks＇ investment portfolio, this paper comes to the conclusion that the banks＇ optimism towards real estate market, which comes from disaster myopia and unmerited motivation, is the main reason for the hike of house price.
出处
《国际金融研究》
CSSCI
北大核心
2009年第4期86-91,共6页
Studies of International Finance
关键词
房产泡沫
银行
灾难近视
不当激励
Real Estate Bubble
Banks
Disaster Myopia
Unmerited Motivation.
