Front Matter Page
Strategy, Policy, and Review Department
Contents
I. Introduction
II. Literature Review
III. Motivating Empirical Evidence
IV. Model
A. Households
B. Real Estate Developer
C. Production of Non-housing Consumption Goods
D. Market Clearing Conditions
E. Summary
F. Impulse Responses
V. Conclusion and Policy Implications
Appendix
References
Figures
Figure 1. Composition of Households’ Assets
Figure 2. Residential House Price
Figure 3. Household Saving Deposit and Stock Price Index
Figure 4. Real Estate Loan Stock and House Price
Figure 5. Impulse Response Functions with A More Incomplete Financial Market
Tables
Table 1. Structure of Chinese Financial Markets