我国经济增长背景下的房地产市场与金融稳定

由于房价上涨掩盖了潜在风险,而经济主体的行为又具有非理性特征,经济增长阶段的房地产市场极易造成金融体系的不稳定。失衡的供求关系导致了垄断利润的存在,诱使银行业过度介入房地产市场。而金融纪律弱化以及风险分担和前瞻性的损失预防机制的缺失,导致银行业对房地产市场的过度支持和风险累积,这是我国房地产市场影响金融稳定的主要原因。政府除了要制定调整供应结构和严格融资门槛的供求干预政策外,早期的风险预警机制建设也必不可少。

Real Estate and Finance Stability against the Background of China's Economic Growth

Because rising house price covers up hidden risks and behaviors of the participators are irrational, the real estate is inclined to endanger the stability of financial system in the process of economic growth. The unbalance of supply and demand results in monopoly profits, which induces banks to extend excessive credit to real estate market. Meanwhile, the weakness of the financial disciplines and the lack of the systems of dispersing risk and prevention mechanism make excessive participation of banks to the real estate market and cumulate risks, which is the main effect the real estate has on the finance stability. Therefore, government should not only make policies to adjust the supply and demand of houses and strengthen the qualification of financing, but also construct an early-warning system, which is indispensable.