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《Economic Theory and Business Management》 2006-07
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EXCHANGE RATE SHOCK AND EVOLUTION OF BUBBLE OF REAL ESTATE:INTERNATIONAL EXPERIENCE AND CHINESE POLICY ORIENTATION

GAO Bo~1,MAO Zhong-gen~2(1.School of Business,Nanjing University,Nanjing 210093,China;2.School of Business Administration,Southwestern Finance University, Chengdu 610074,China)  
Exchange rate disequilibrium and adjustment will affect the price of real estate by liquidity effect,expectation effect,wealth effect,spill-over effect,and credit expansion or depression effect.International experience shows that exchange rate shock will,but not necessarily,lead to the bubble of real estate.In fact,the expectation and pressure of RMB appreciation aggravate the bubble of real estate.But,when building the manageable floating system of exchange rate,small amount of appreciation will not blow up the bubble.
【Fund】: 教育部人文社会科学研究基金项目(05JA790036);; 江苏省哲学社会科学研究“十五”规划基金项目(04ELB007)
【CateGory Index】: F832.6;F293.3
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【References】
Chinese Journal Full-text Database 4 Hits
1 Wang Aijian Shen Qingjie;On the Correlation between RMB Exchange Rate and Real Estate Price[J];Journal of Financial Research;2007-06
2 SONG Han(College of Economics,Zhejiang University,Hangzhou 310027,China);Correlations between Exchange Rate Fluctuation and Real Estate Market——Analyzing factors of expectation and Etc..[J];Technology Economics;2007-09
3 CHEN Jie, LU Jing, GAO Peng, DONG Ji-chang (School of Management,Graduate University of Chinese Academy of Science,Beijing 100080,China);An Empirical Analysis on Correlation Between RMB Exchange Rate Fluctuation and Housing Price[J];Mathematics in Practice and Theory;2009-13
4 WANG Xian-zhu(School of Economics,Anhui University of Technology,Maanshan 243002,China);Relationship between Exchange Rate and Housing Prices——Based on the Empirical Analysis after Exchange Rates Reform[J];Journal of Shanxi Finance and Economics University;2009-06
【Citations】
Chinese Journal Full-text Database 1 Hits
1 Zhen Jian Ming Cao Long Qi;Monetarization of Appreciation pressure of RMB, Asset Bubble and Macro-control[J];Studies of International Finance;2005-08
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 WANG Songqi, SHI Wensheng (Institute of Finance and Banking, CASS, 100836);On the Determining Mechanism, Fluctuating Range of Foreign Exchange Rate and the Policy Options[J];Finance & Trade Economics;2007-04
2 TANG Ming (College of Accounting, Hunan University, Changsha 410079);On Operation Mechanism of Real Property Tax Regulation and Review of Our Country[J];Finance and Trade Research;2008-05
3 KONG Yu (College of Civil Engineering and Architecture Guizhou University,Guiyang 550003);An Analysis of the Influence Factors of Urban Housing Prices in China[J];Journal of Guizhou University of Technology(Social Science Edition);2007-02
4 Lu Wanqing Chen Jianliang;A Study of the Relationship between Comparative Advantage and RMB Exchange Rate[J];Studies of International Finance;2007-08
5 ZHENG Jian-ming SANG Bai-chuan;Risk of China's Excessive FX Reserve and Management Countermeasures[J];Journal of International Trade;2007-11
6 LIU Ning,ZHAO Mei-zhen(Hubei University of Economics,Wuhan,430205,China;Hubei Branch,The State Administration Bureau of Foreign Exchange,Wuhan 430071,China);The Changing of Deutsche Mark Exchange Rate and the Lessons for China[J];Journal of Hubei University of Economics;2007-05
7 Jin Xuejun Wang Yizhong;The Path Selection of RMB Exchange Rate Appreciation[J];Journal of Financial Research;2006-11
8 Wang Aijian Shen Qingjie;On the Correlation between RMB Exchange Rate and Real Estate Price[J];Journal of Financial Research;2007-06
9 WANG Yizhong JIN Xuejun;The Study of Exchange Rate Appreciation,Tight Policy and Economic Fluctuation[J];Journal of Financial Research;2009-02
10 WANG Guang-yu,HONG Lu(Economics and Management School of Southwest Jiaotong University,Chengdu Sichuan,610031);Research on pricing behavior in China urban housing market[J];Technoeconomics & Management Research;2008-02
【Co-references】
Chinese Journal Full-text Database 10 Hits
1 He Yuanbin (Business School, Renmin University of China, Beijing 100872);A Game Theory Analysis on Developer, Local Government and Consumers in Real Estate Market[J];Journal of Beijing Technology and Business University(Social Science);2006-03
2 Luo PeiMao Jiangxing;The Research on the Mutual Development between Urban Planning and Real Estate: in the Case of Guangzhou[J];Journal of Shanghai Polytechnic College of Urban Management;2005-06
3 ;压抑与抗争:一个关于农村土地发展权的理论分析框架[J];Finance and Economics;2004-06
4 Wang Aijian;Research on Financial Stability and Coordination Mechanism[J];Finance and Economics;2005-01
5 Chen Huai;Can Real Estate Tax Solve the Interest Division Conflict of Land Resources[J];Finance and Economics;2005-01
6 Lian Jianhui1 Weng Hongqin2;Excessive Liquidity within Banking Industry: A Prominent Issue in Present China's Financial Operation[J];Finance & Economics;2006-04
7 Zhou hao~1 Zhu qigui~2;Empirical Studies the Foreign Reserve & Price index of China[J];Finance & Economics;2006-06
8 Sun Jianchao;Analyses on Causes of the Excessive Liquidity of Commercial Banks from Macro-industry Standpoint[J];Finance & Economics;2006-07
9 Dong Jisheng~1 Dai Jianxiong~2;Causal Study on Liquidity Excess of Commercial Banks[J];Finance & Economics;2007-01
10 Feng Cai;The factors influencing short-term international capital flow in China——An empirical study based on the data of 1994-2007[J];Finance & Economics;2008-06
【Secondary References】
Chinese Journal Full-text Database 6 Hits
1 LIU Feng-ying(Economy and Administration College of Beihua University,Jilin 132013,China);Effect of Sub-prime Mortgage Crisis in the United States on China Economy and Its Enlightenment[J];Journal of Beihua University(Social Sciences);2009-02
2 HE Jian-qing(School of Economy and Management,Yichun University,Yichun 336000,China);The Dynamic Influence of Excess Liquidity on House Price Undulation[J];Journal of Shandong Institute of Business and Technology;2009-05
3 Fan Qiao-yan;Overheated Real Estate Market and Financial Risk-Evidence from Subprime Loan Crisis in America[J];Financial Theory & Practice;2008-01
4 Liu Xiaoxin (Research Center of Fictitious Economy and Management, Nankai University, Tianjin 300071,China);On Eight Front Issues in Fictitious Economy Studies[J];China Opening Herald;2009-01
5 WANG Xian-zhu(School of Economics,Anhui University of Technology,Maanshan 243002,China);Relationship between Exchange Rate and Housing Prices——Based on the Empirical Analysis after Exchange Rates Reform[J];Journal of Shanxi Finance and Economics University;2009-06
6 He Jianqing;An Empirical Analysis of Excess Liquidity and Real Estate Bubble[J];Social Sciences in Xinjiang;2009-03
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