The Formation Of The Real Estate Bubble In Urbanization Process

Since the housing reform,along with the rapid economic growth and accelerating urbanization, Real estate,with the rapid development, has become a pillar industry for economic development. However, rising prices and the expansion of the real estate bubble and the urbanization process of economic structure caused greater damage, urbanization is inseparable from the development of real estate, but we can not ignore the real estate bubble closely monitored and prevention. Thus, the use of the basic mechanism of economics and real estate has to be focused on risk prevention and control which has important theoretical and practical significance, Paper selected second-tier cities in economic strength and faster urbanization Nanjing real estate bubble and urbanization research.Firstly, on the power, and the definition of foam structure theory urbanization, produce literature mechanism and calculation method are reviewed, considered urbanization and real estate bubble there is a strong link. Drawing on the basis of theoretical research results at home and abroad, the paper analyzes the real estate bubble has defined and classified, and the economic effects of urbanization, including structural effect, the wealth effect of population and industrial configuration effects, etc., on this basis, the paper the third chapter from a technical, economic factors exogenous, endogenous economic factors in Nanjing real estate bubble and real estate bubble formation mechanism of the body functions of urban harm, pointing out the real estate industry’s cyclical, capital-intensive path dependency, transaction costs and other characteristics are important causes of excessive expansion of the real estate bubble, as well as related industries linkage is caused by its risks and enormous destructive roots.The fourth chapter from the real estate bubble and urbanization are two levels, first use index selection and principal factor analysis, through the influence of various indicators selected real estate bubble, combined with relevant data in Nanjing, Nanjing real estate bubble of the status quo be estimates, results in varying degrees of time in Nanjing foam vary, and future trends do some predictions, and secondly, the calculation process, selected to reflect the real estate bubble of the key indicators of urbanization regression and Granger causality test, draw the real estate bubble and urbanization mutually Granger reason, impulse response graph shows that urbanization in developing long-term sustainable development is inseparable from the real estate industry, we must be appropriately manage the real estate bubble.Finally, the paper estimates based on the real estate bubble and the empirical results and urbanization, the supply and demand structure adjustment, land supply mechanism, the money supply mechanism, consumer psychology is expected to adjust the system of government management, inventory management, commercial multi-angle, to discuss how for urbanization and the cities of Nanjing good real estate bubble prevention policy, keep the economy healthy and healthy development.