1、2250单词， 12500 英文字符， 4000 汉字 出处： Glindro E T, Subhanij T, Szeto J, et al. Determinants of house prices in nine Asia-Pacific economiesJ. International Journal of Central Banking, 2011, 7(3): 163-204. Determinants of House Prices in Nine Asia-Pacic Economies Eloisa T. Glindro, Tientip Subhanij, Jessica
2、 Szeto The paper investigates the characteristics of house price dynamics and the role of institutional factors in nine Asia- Pacic economies during 19932006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more exible business environment. At the nati
3、onal level, the current run-up in house prices mainly reects adjustment to improved fundamentals rather than speculative housing bubbles. However, evidence of bubbles does exist in some market segments. 1. Introduction House price risk has attracted much attention in recent years. A number of indust
4、rialized economies, including the United States, the United Kingdom, and Spain, had witnessed a protracted period of signicant increases in house prices in the mid-2000s. The perceived lower risk encouraged lax lending criteria in mortgage markets, which greatly contributed to the U.S. subprime cris
5、is and the consequent global nancial crisis. Just as suggested by previous studies, house price uctuations have caused a major impact on household consumption, the banking system, and the real economy. By comparison, housing markets in most Asian economies were relatively tranquil during the same pe
6、riod. In recent years, however, there have been growing concerns about the housing market in a few economies. China, Hong Kong SAR (Hong Kong hereafter), and South Korea (Korea hereafter) have witnessed very strong house price ination in the past several years (see gure 1). Given the not- so-distant experience of nancial crises in this region (such as the 1997 Asian crisis and the so-called lost decade in Japan), in which booms and busts in real estate markets played a crucial
