Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
1003499 | Research in International Business and Finance | 2016 | 21 Pages |
Abstract
International experience points to the critical role of stable property markets in maintaining financial stability. This paper investigates the real and financial linkages between real estate sector and other sectors. The real linkage based on input–output analysis shows that the linkages have strengthened. The financial linkages in terms of credit risk spillovers across sectors are studied by using DAG method and SVAR. We find that that credit risk in the real estate sector has large-scale spillover effects onto other sectors. Consequently, shocks to the property market could have much larger impact on the Chinese economy than suggested by headline figures.
Keywords
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Social Sciences and Humanities
Business, Management and Accounting
Business and International Management
Authors
Steven Chan, Gaofeng Han, Wenlang Zhang,