共查询到20条相似文献,搜索用时 81 毫秒
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火爆的杭州房地产市场,是否正常?繁荣的背后是否危机初露端倪?高昂的房价是否能挤出泡沫?市场今后的走势究竟如何?当"炒房如炒股"的新现象被各媒体发现并以各种角度大肆渲染,杭州房市从未像今天这样吸引住所有市民乃至全国人的眼球.但是今天,我们需要的是理性的观察和思考,观其表象之外,我们更关注其内在的运行规律,从而得出合乎市场真相的理性的分析和判断. 相似文献
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在经济周期预测中,对经济衰退前期或经济衰退临界点的早期确认,比对经济衰退本身的确定更重要难度也更大.在美国,对经济衰退的官方正式确定比衰退实际发生至少滞后6个月,在此之前无法完全确定衰退是否已形成. 相似文献
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We investigate the recent financial crisis with an emphasis on the interlock among housing, mortgage, and credit markets. Following Geanakoplos (Econometric Society Monographs 2:170–205, 2003, 2010), we develop a model in which both prices of the mortgage and its collateral are simultaneously and endogenously determined. Our empirical tests confirm the model’s prediction that an adverse change in the risk free rate or the loan recovery rate can trigger the financial crisis as we observed. Finally, we discuss how the pro-cyclical leveraging practice by financial intermediaries can magnify their losses in mortgage-related assets and consequently cause significant contraction in the balance sheets of these firms. 相似文献
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We examine the importance of liquidity hoarding and counterparty risk in the U.S. overnight interbank market during the financial crisis of 2008. Our findings suggest that counterparty risk plays a larger role than does liquidity hoarding: the day after Lehman Brothers' bankruptcy, loan terms become more sensitive to borrower characteristics. In particular, poorly performing large banks see an increase in spreads of 25 basis points, but are borrowing 1% less, on average. Worse performing banks do not hoard liquidity. While the interbank market does not freeze entirely, it does not seem to expand to meet latent demand. 相似文献
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住房公积金制度改制为政策性住房金融机构的设想 总被引:2,自引:0,他引:2
住房公积金管理中心具有政策性住房金融机构的雏形。但住房公积金制度由于设计的制度性缺陷,无法承担政策性住房金融机构的功能。因此,住房公积金制度改制为政策性住房金融机构有其必要性。目前,构建政策性住房金融机构可以从以下几个方面入手:建立以政策性住房金融机构为主体的组织体系,形成完善的住房资金组织系统,构建完善的内外监管体系,发展多种金融工具,完善住房金融的风险分担与化解机制等。 相似文献
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Does Consumption Respond More to Housing Wealth Than to Financial Market Wealth? If So,Why? 总被引:1,自引:0,他引:1
N. Kundan Kishor 《The Journal of Real Estate Finance and Economics》2007,35(4):427-448
This paper uses long-run equilibrium relationship between consumption and different components of wealth to estimate the effect
of changes in housing wealth and financial wealth on consumption. By exploiting this long-run property, it has been shown
that a dollar increase in housing wealth increases consumption by seven cents, whereas, a corresponding dollar increase in
financial wealth increases consumption by only three cents. This difference in the wealth effect arises because transitory
shocks dominate variation in financial wealth, whereas permanent shocks account for most of the variation in housing wealth.
This paper also shows that the relative importance of permanent component for housing wealth has witnessed an increase over
the last thirty years. Therefore, housing wealth effect has also increased over time. 相似文献
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Piggy Banks: Financial Intermediaries as a Commitment to Save 总被引:1,自引:0,他引:1
Banks and other intermediaries may help savers commit to investment plans that savers could not stick to if they held assets directly. We illustrate this commitment function using a version of the Diamond and Dybvig (1983) model where savers’ short-run liquidity needs are correlated with shocks to investment opportunities. The investment securities are all freely tradeable, yet savers still do better if they delegate their investment decisions to an intermediary that overrides the savers’ liquidity demands when investment opportunities warrant. Bank CDs, insurance annuities, pensions, and even social security, by locking funds out of reach, may all constitute real world examples of this commitment role of financial intermediaries. 相似文献
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随着近期股指的日益走弱,部分投资者又开始寻找利好的活动,<办法>很适时宜的出台,社保基金为股市大输血,但这些养命钱入市引起业界及专家的关注却不仅仅是在于市场的反映. 相似文献