德国房地产市场及房地产金融的特征分析

德国房地产在此次金融危机中一支独秀,其稳定的房价得益于政府对房地产准确的定位和调控,以及独特的房地产金融。本文旨在分析德国房地产市场和房地产金融的特征,以对我国的房地产调控提供可供借鉴之处。     

德国住房价格稳定的原因及启示

2008年以来,相对于美国以及英、法等欧洲国家,德国房地产市场总体保持稳定,成为德国抵御此轮金融危机的重要屏障。德国住房价格稳定源于住房供需政策的双向调节,对我国稳定房地产市场具有借鉴意义。德国房地产市场的基本情况(一)住房价格长期保持稳定。近10年来,德国的房地产市场总体保持平     

房地产市场关系国计民生

房地产行业是国民经济中的重要行业．房地产价格不仅关乎国民经济的整体发展．更牵动和影响着人民的生活水平。当前．我国房地产市场出现很多新的变化．各方对房地产价格走势的猜测又成为热点。房地产价格变化究竟如何,还要从影响房地产价格的因素说起。     

房地产市场分析与金融对策

在国家一系列鼓励住房消费政策的推动下，房地产业保持较快增长速度，居民住房消费得到启动，城市居民居住条件得到了明显的改善。这对带动相关产业的发展，拉动经济增长，也做出了重要贡献。与此同时，我们也不难看到，近几年部分房地产开发规模相对偏大，持续保持高位运行，使房地产业的发展具有潜在的风险，应当引起有关部门的高度重视。以下我们以延边情况为例，对这一问题进行分析。     

新时期房地产市场平稳发展的政策及建议

<正>2021年三季度以来,房地产市场遇冷,土地市场、房地产投资和房地产销售均出现下滑。本文从房地产政策角度,分析"集中供地""二手房参考价""限跌令"等政策的影响及房地产调控政策的逻辑,建议从健全房地产长效机制以及发挥商业银行的作用两个方面,不断完善政策体系,促进房地产市场平稳发展。     

对房地产市场风险状况的调查

近年来,房地产价格不断攀升,房地产交易量持续放大,形成房地产行业一定的隐蔽性风险。为了解房地产市场供求背后的具体情况,我们在白山市范围内进行了专题调查。     

对打造中国健康、平稳、和谐房地产市场的思考

从1988年在全国进行城镇职工住房制度改革开始,中国住房市场化至今己经走过了23年历程。23年来中国房地产虽然几起几落,但它为国家经济建设腾飞确实做出了不可磨灭的贡献,并成为当今中国社会各阶层最关注的行业之一。然而,伴随着物价通货膨胀,国家宏观调控,房地产市场又成为众矢之的,为     

国办发出通知要求促进房地产市场平稳健康发展

国办近日发出通知,要求进一步加强和改善房地产市场调控,稳定市场预期,促进房地产市场平稳健康发展。     

房地产市场遇寒流

房地产市场素有“金九银十”之说,但今年这一盛宴恐怕要落空了。以一线城市为例：北京的新建住宅价格已经连续3月价格停涨,并且在8月份,不论是新建商品房价格,还是二手房价格,均出现“停涨”。     

深度信息化对房地产市场平稳发展的影响

房地产产品的自身特性决定了房地产市场具有一定的信息稀缺性和信息不对称性，而正是房地产市场的信息缺陷给供求主体及整个宏观经济带来了巨量风险。网络普及应用所带来的深信信息化将促使供求双方的决策更加理性，可以降低投资风险，平缓经济周期，也能提高行业管理效率，是房地产市场平稳发展的保障。     

Empirical tests of real estate market efficiency

Recent empirical research using real estate data has supported the weak and semi-strong forms of the efficient markets hypothesis. Previous studies have not included an estimate of expected appreciation into the tests of market efficiency, thus raising a question about the reliability of the results. We first use a market model to test for market efficiency with results similar to those reported by others. We next use a dynamic multiple indicator, multiple cause (DYMIMIC) model, which extracts a vector of expected appreciation from the price data, to test market efficiency. This approach produces superior results and a stronger conclusion about the efficiency of housing markets. The results indicate limited adjustment delays which can be explained by the existence of high transactions and search costs.     

外资进入内地房地产市场的特点、原因及调控建议——以辽宁为例

近期,国家推出一系列宏观调控措施以促进房地产市场平稳健康发展,在全国房地产市场降温过程中,仍须关注外资进入对内地房地产市场的影响。文章以辽宁为例分析了外资进入内地房地产市场的特点、原因及相关影响,并从合理引导外资流向、发挥税收调节作用、加强外资流动监管等方面,就完善房地产领域的外资管理提出建议。     

房地产市场运行及未来趋势展望

2011年在以限购为主的房地产调控政策作用下,市场需求受到抑制,商品房销售增速明显低于历史同期平均水平。保障性住房全年开工建设任务已经提前完成,受其拉动,房地产开发投资保持高位。当前,保障性住房建设全面展开,以限购为主的调控政策短期不会退出,并呈现向二三线城市扩大的趋势,一些前期房价上涨过快的城市降价促销愈演愈烈,商品房价格回调趋势明显。     

房地产市场变化与通货膨胀传导机制

文章分析了房价上涨在通胀形成和传导中的作用,指出房地产等资产价格上涨通过引发通胀预期推高各类生产要素特别是劳动力成本价格,从而对整体价格水平产生成本推动型的上涨压力,其中劳动力等生产要素价格上涨通过加大食品价格波幅和提高其价格中枢水平对通胀水平产生显著影响,因此,抑制物价须管好房价,并充分发挥货币政策的作用。     

Real estate returns,money and fiscal deficits: Is the real estate market efficient?

This research examines the causal relationship between several financial variables and a portfolio of real estate returns using monthly data from January 1965 to December 1986. The empirical analysis is based on multivariate Granger-causality tests in conjunction with Akaike's final prediction error criterion. The results indicate that measures approximating monetary policy and market returns play an important role in causing changes in real estate returns. In particular, our findings suggest that base money and market returns have had significant lagged effects on current real estate returns.     

Risk management of real estate: The case of real estate swaps

Real estate swaps are a recent financial innovation based upon the principle of comparative advantage. A real estate swap is a useful tool for real estate risk management and for participating in real estate investment without the high costs associated with real estate. Potential economic benefits and costs associated with real estate swaps are considered and real estate swaps are compared to alternative tools for real estate risk management. The expected utility and effectiveness of risk management with a swap in a multiperiod framework are analyzed. The analysis finds that the subject property's return and its risk characteristics (as reflected in its correlation with interest rate and property index returns) delimit the risk management potential of a given swap position. Optimal swap positions are shown for various regions and property types based on historical return series, from the period between 1983 and 1992, and the parameters of the dynamic model developed.     

REITs,real estate,and inflation: Lessons from the gold market

This studyindirectly tests whether equity Real Estate Investment Trusts (REITs) proxy for real estate when examining real estate's inflation hedging ability. The hedging properties of gold, an underlying asset, are compared against those of gold stocks, a securitized form of the asset, and gold is shown to perform well as an inflation hedge, while gold stocks do not. This divergence between an asset and its securitized form suggests caution in drawing conclusions about real estate's ability to hedge inflation from equity REIT studies.     

Buying a house and the decision to use a real estate broker

This study examines the factors that affect the decision by home buyers to use real estate brokers and the subsequent effect this decision has on home prices. Buyers with high opportunity costs and the least amount of information about local market conditions are the most likely to use brokers; a finding consistent with the role of the real estate broker as a market intermediary. Not surprisingly, these were some of the same factors that also have a positive impact on selling price. An important finding of this study is that when selection bias is adequately controlled, the real estate broker has no appreciable, independent impact on selling price. This, in turn, suggests a nonsegmented, highly competitive housing market.     

德国地方政府债券市场的发展与启示

德国地方政府债券市场起步较早,发展较为成熟,这对巩固德国地方政府财政发挥了重要作用。文章介绍了德国地方政府债券市场的发展特点,及其在形成对政府举债市场化方面发挥的作用,并总结了其对于正处于起步阶段的我国地方政府债券市场发展可资借鉴的经验。     

The integration of the real estate market and the stock market: Some preliminary evidence

The current study investigates whether the commercial real estate market is segmented from the stock market using the framework of Jorion and Schwartz (1986). Evidence is found to support the hypothesis that segmentation does exist as the result of indirect barriers such as the cost, amount, and quality of information for real estate rather than legal constraints. However, this evidence is contingent on whether real estate returns are computed with appraised values or imputed sale prices and on which market proxy is chosen.