In the last twenty years, China has experienced a rapid development in the real estate industry. The continuous rising house price causes many social and economic problems and draws a lot of attentions from academia, ...In the last twenty years, China has experienced a rapid development in the real estate industry. The continuous rising house price causes many social and economic problems and draws a lot of attentions from academia, business world and government. Many researchers shed light on this problem from different angles, but till today, it hasn’t been fully resolved. In this paper, we try to examine the real estate bubble from a virtual economic perspective. We think that the virtual feature of real estate alters its economic role from a purely living and working place to a financing instrument. We use the newest monthly data of China real estate market from 2006 to 2018 and estimate the relationship between the housing bubble and real estate industry virtualization. We identify a significant positive association between house price index and the purchase price of land in real estate investment. This result suggests that virtual feature of real estate has deepen the bubble problem in the industry and its virtualization degree appears to be closely related to the virtual feature of land and its price proportion to real estate investment.展开更多
Shanghai,the largest and the most developed city in China,has experienced a rapid economic development in the recent ten years.It has entered into a post-industrial era,in which the manufacturing industry is quickly l...Shanghai,the largest and the most developed city in China,has experienced a rapid economic development in the recent ten years.It has entered into a post-industrial era,in which the manufacturing industry is quickly leaving.The proportion of real economy based on manufacturing is decreasing continuously,whereas the proportion of virtual economy based on service and financial industry is increasing.This is a typical phenomenon of hollowing-out of industry.If this trend cannot be controlled,the excessive reliance on virtual economy may make Shanghai more fragile when facing economic crisis on a large scale.This paper analyzes the influence of specific performance factors of hollowing-out of industry on Shanghai’s regional economic growth through empirical research and provides policy suggestion on how to achieve higher economic growth.This paper selects monthly time series data from January 2003 to February 2017 in Shanghai and analyzes the relation between factors of hollowing-out of industry and Shanghai’s economic growth by OLS.Empirical results show that the purchasing power index of industrial producers and gross import have a positive relation with economic growth,while the investment in fixed asset and the cost of land and human resource have negative effects on economic growth.展开更多
文摘In the last twenty years, China has experienced a rapid development in the real estate industry. The continuous rising house price causes many social and economic problems and draws a lot of attentions from academia, business world and government. Many researchers shed light on this problem from different angles, but till today, it hasn’t been fully resolved. In this paper, we try to examine the real estate bubble from a virtual economic perspective. We think that the virtual feature of real estate alters its economic role from a purely living and working place to a financing instrument. We use the newest monthly data of China real estate market from 2006 to 2018 and estimate the relationship between the housing bubble and real estate industry virtualization. We identify a significant positive association between house price index and the purchase price of land in real estate investment. This result suggests that virtual feature of real estate has deepen the bubble problem in the industry and its virtualization degree appears to be closely related to the virtual feature of land and its price proportion to real estate investment.
文摘Shanghai,the largest and the most developed city in China,has experienced a rapid economic development in the recent ten years.It has entered into a post-industrial era,in which the manufacturing industry is quickly leaving.The proportion of real economy based on manufacturing is decreasing continuously,whereas the proportion of virtual economy based on service and financial industry is increasing.This is a typical phenomenon of hollowing-out of industry.If this trend cannot be controlled,the excessive reliance on virtual economy may make Shanghai more fragile when facing economic crisis on a large scale.This paper analyzes the influence of specific performance factors of hollowing-out of industry on Shanghai’s regional economic growth through empirical research and provides policy suggestion on how to achieve higher economic growth.This paper selects monthly time series data from January 2003 to February 2017 in Shanghai and analyzes the relation between factors of hollowing-out of industry and Shanghai’s economic growth by OLS.Empirical results show that the purchasing power index of industrial producers and gross import have a positive relation with economic growth,while the investment in fixed asset and the cost of land and human resource have negative effects on economic growth.
