Irrational Exuberance of China's Real Estate Market: Econometric Test by Means of the Non-stationary Panel Based on the Investment Properties of Real Estate

BAI Ji-yang

Volume 27 Issue 3

Jun. 2021

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Article Navigation > Journal of University of Science and Technology Beijing ( Social Sciences Edition) > 2011 > 27(3): 90-98

BAI Ji-yang. Irrational Exuberance of China's Real Estate Market: Econometric Test by Means of the Non-stationary Panel Based on the Investment Properties of Real Estate[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2011, 27(3): 90-98.

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BAI Ji-yang. Irrational Exuberance of China's Real Estate Market: Econometric Test by Means of the Non-stationary Panel Based on the Investment Properties of Real Estate[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2011, 27(3): 90-98.

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Irrational Exuberance of China's Real Estate Market: Econometric Test by Means of the Non-stationary Panel Based on the Investment Properties of Real Estate

BAI Ji-yang

The Party School of Zhanjiang City Party Committee, Zhanjiang 524032, China

Received Date: 2011-06-10
Available Online: 2021-06-26

Abstract

Abstract

The real estate provides the basic place for the residents' life and their economic activities.Meanwhile, it is also one of the most important investment varieties.At present in our country the real estate market obtains rapid development and the real estate price continues to rise, which presents a prosperous scene.However, there are controversies over whether it is rational for the real estate market to develop so rapidly.This paper uses the non-stationary panel way that is based on the investment characteristic of real estate, to test empirically and judge the irrational exuberance of real estate rise in price in our country.The results show that the house price has been separated from the fundamental plane in our country and the real estate rise in price presents irrational exuberance.
- real estate market,
- irrational exuberance,
- bubble

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