Formation of financial real estate risks and spatial interactions : evidence from 35 cities in China
The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast ter...
Ausführliche Beschreibung
Autor*in: |
Liu, Fengyun [verfasserIn] Ren, Honghao [verfasserIn] Liu, Chuanzhe [verfasserIn] Tan, Dejun [verfasserIn] |
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Format: |
E-Artikel |
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Sprache: |
Englisch |
Erschienen: |
2022 |
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Rechteinformationen: |
Open Access Namensnennung 4.0 International ; CC BY 4.0 |
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Schlagwörter: |
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Übergeordnetes Werk: |
Enthalten in: Journal of risk and financial management - Basel : MDPI, 2008, 15(2022), 12 vom: Dez., Artikel-ID 576, Seite 1-21 |
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Übergeordnetes Werk: |
volume:15 ; year:2022 ; number:12 ; month:12 ; elocationid:576 ; pages:1-21 |
Links: |
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DOI / URN: |
10.3390/jrfm15120576 |
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Katalog-ID: |
1847339859 |
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10.3390/jrfm15120576 doi 10419/275053 hdl (DE-627)1847339859 (DE-599)KXP1847339859 DE-627 ger DE-627 rda eng R31 P34 jelc Liu, Fengyun verfasserin (DE-588)1208341324 (DE-627)169460635X aut Formation of financial real estate risks and spatial interactions evidence from 35 cities in China Fengyun Liu, Honghao Ren, Chuanzhe Liu and Dejun Tan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ China (dpeaa)DE-206 financial risk (dpeaa)DE-206 real estate price (dpeaa)DE-206 regional difference (dpeaa)DE-206 spatial diffusion (dpeaa)DE-206 Ren, Honghao verfasserin (DE-588)1052818242 (DE-627)789071827 (DE-576)408547146 aut Liu, Chuanzhe verfasserin (DE-588)1208341464 (DE-627)169460666X aut Tan, Dejun verfasserin (DE-588)1292728647 (DE-627)1848991347 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 576, Seite 1-21 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:576 pages:1-21 https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 Verlag kostenfrei https://doi.org/10.3390/jrfm15120576 Resolving-System kostenfrei https://hdl.handle.net/10419/275053 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 576 1-21 AR 15 2022 12 12 576 1-21 26 01 0206 4328908901 x1z 02-06-23 2403 01 DE-LFER 434026086X 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120576 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 |
spelling |
10.3390/jrfm15120576 doi 10419/275053 hdl (DE-627)1847339859 (DE-599)KXP1847339859 DE-627 ger DE-627 rda eng R31 P34 jelc Liu, Fengyun verfasserin (DE-588)1208341324 (DE-627)169460635X aut Formation of financial real estate risks and spatial interactions evidence from 35 cities in China Fengyun Liu, Honghao Ren, Chuanzhe Liu and Dejun Tan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ China (dpeaa)DE-206 financial risk (dpeaa)DE-206 real estate price (dpeaa)DE-206 regional difference (dpeaa)DE-206 spatial diffusion (dpeaa)DE-206 Ren, Honghao verfasserin (DE-588)1052818242 (DE-627)789071827 (DE-576)408547146 aut Liu, Chuanzhe verfasserin (DE-588)1208341464 (DE-627)169460666X aut Tan, Dejun verfasserin (DE-588)1292728647 (DE-627)1848991347 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 576, Seite 1-21 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:576 pages:1-21 https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 Verlag kostenfrei https://doi.org/10.3390/jrfm15120576 Resolving-System kostenfrei https://hdl.handle.net/10419/275053 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 576 1-21 AR 15 2022 12 12 576 1-21 26 01 0206 4328908901 x1z 02-06-23 2403 01 DE-LFER 434026086X 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120576 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 |
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10.3390/jrfm15120576 doi 10419/275053 hdl (DE-627)1847339859 (DE-599)KXP1847339859 DE-627 ger DE-627 rda eng R31 P34 jelc Liu, Fengyun verfasserin (DE-588)1208341324 (DE-627)169460635X aut Formation of financial real estate risks and spatial interactions evidence from 35 cities in China Fengyun Liu, Honghao Ren, Chuanzhe Liu and Dejun Tan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ China (dpeaa)DE-206 financial risk (dpeaa)DE-206 real estate price (dpeaa)DE-206 regional difference (dpeaa)DE-206 spatial diffusion (dpeaa)DE-206 Ren, Honghao verfasserin (DE-588)1052818242 (DE-627)789071827 (DE-576)408547146 aut Liu, Chuanzhe verfasserin (DE-588)1208341464 (DE-627)169460666X aut Tan, Dejun verfasserin (DE-588)1292728647 (DE-627)1848991347 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 576, Seite 1-21 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:576 pages:1-21 https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 Verlag kostenfrei https://doi.org/10.3390/jrfm15120576 Resolving-System kostenfrei https://hdl.handle.net/10419/275053 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 576 1-21 AR 15 2022 12 12 576 1-21 26 01 0206 4328908901 x1z 02-06-23 2403 01 DE-LFER 434026086X 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120576 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 |
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10.3390/jrfm15120576 doi 10419/275053 hdl (DE-627)1847339859 (DE-599)KXP1847339859 DE-627 ger DE-627 rda eng R31 P34 jelc Liu, Fengyun verfasserin (DE-588)1208341324 (DE-627)169460635X aut Formation of financial real estate risks and spatial interactions evidence from 35 cities in China Fengyun Liu, Honghao Ren, Chuanzhe Liu and Dejun Tan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ China (dpeaa)DE-206 financial risk (dpeaa)DE-206 real estate price (dpeaa)DE-206 regional difference (dpeaa)DE-206 spatial diffusion (dpeaa)DE-206 Ren, Honghao verfasserin (DE-588)1052818242 (DE-627)789071827 (DE-576)408547146 aut Liu, Chuanzhe verfasserin (DE-588)1208341464 (DE-627)169460666X aut Tan, Dejun verfasserin (DE-588)1292728647 (DE-627)1848991347 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 576, Seite 1-21 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:576 pages:1-21 https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 Verlag kostenfrei https://doi.org/10.3390/jrfm15120576 Resolving-System kostenfrei https://hdl.handle.net/10419/275053 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 576 1-21 AR 15 2022 12 12 576 1-21 26 01 0206 4328908901 x1z 02-06-23 2403 01 DE-LFER 434026086X 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120576 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 |
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10.3390/jrfm15120576 doi 10419/275053 hdl (DE-627)1847339859 (DE-599)KXP1847339859 DE-627 ger DE-627 rda eng R31 P34 jelc Liu, Fengyun verfasserin (DE-588)1208341324 (DE-627)169460635X aut Formation of financial real estate risks and spatial interactions evidence from 35 cities in China Fengyun Liu, Honghao Ren, Chuanzhe Liu and Dejun Tan 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ China (dpeaa)DE-206 financial risk (dpeaa)DE-206 real estate price (dpeaa)DE-206 regional difference (dpeaa)DE-206 spatial diffusion (dpeaa)DE-206 Ren, Honghao verfasserin (DE-588)1052818242 (DE-627)789071827 (DE-576)408547146 aut Liu, Chuanzhe verfasserin (DE-588)1208341464 (DE-627)169460666X aut Tan, Dejun verfasserin (DE-588)1292728647 (DE-627)1848991347 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 15(2022), 12 vom: Dez., Artikel-ID 576, Seite 1-21 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:15 year:2022 number:12 month:12 elocationid:576 pages:1-21 https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 Verlag kostenfrei https://doi.org/10.3390/jrfm15120576 Resolving-System kostenfrei https://hdl.handle.net/10419/275053 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER 15 2022 12 12 576 1-21 AR 15 2022 12 12 576 1-21 26 01 0206 4328908901 x1z 02-06-23 2403 01 DE-LFER 434026086X 00 --%%-- --%%-- n --%%-- l01 18-06-23 2403 01 DE-LFER https://doi.org/10.3390/jrfm15120576 2403 01 DE-LFER https://www.mdpi.com/1911-8074/15/12/576/pdf?version=1670576894 |
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R31 P34 jelc Formation of financial real estate risks and spatial interactions evidence from 35 cities in China Fengyun Liu, Honghao Ren, Chuanzhe Liu and Dejun Tan China (dpeaa)DE-206 financial risk (dpeaa)DE-206 real estate price (dpeaa)DE-206 regional difference (dpeaa)DE-206 spatial diffusion (dpeaa)DE-206 |
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Formation of financial real estate risks and spatial interactions evidence from 35 cities in China |
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The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. |
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The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. |
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The real estate prices in urban China have been soaring sharply since the commercialization reform of the housing market in 1998, but have suffered from downward pressure recently. In addition to the peculiarities of the state-owned land system, newly built houses dominate market across the vast territories of China, and this study of China will further the understanding of the financial real estate risks. Based on theoretical analyses, a spatial Durbin model is adopted to evaluate the financial real estate risks based on various sectors’ participation in the real estate market, because it can overcome the biased results brought about by the omission of possible spatial dependence. The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. The rules on the sector and spatial levels suggest that government policy should take the different features of various sectors and regions and spatial connections into account. |
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The results show the following: (1) the four sectors’ participation in the real estate market promotes the rise of real estate prices in the both local and other cities with spatial contagion effects, while the most important factors are different across regions; (2) the real estate price fluctuations, the local government’s land revenue, the bank credit provided to the real estate industry, the demand in the local city, and the real estate developers’ investments in other cities increase the local financial real estate risks, and there are strong spatial diffusion effects among the cities. This study sheds light on the roles of the various sectors’ participation in promoting the financial real estate risk as well as their spatial interactions from both theoretical and empirical aspects. Particularly, the different roles of local governments and real estate developers in China should be highlighted. 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