| Relying on local rich energy advantage,resource-based cities grow up step by step.Along with rapid economic boom and the advancement of urbanization,the real estate market is developing rapidly.With the bubble of real estate prices expanding,the risk of resource-based cities is becoming more and more accumulated.As a result of the interaction mechanism between real estate and regional economic development,it makes the governance of real estate risk becomes more difficulty and at the same time it can also lead to real estate risk transmission to the regional economy.Firstly,this article analysis the cause of the real estate market risk from the aspects of the real estate market characteristics and development of resources city features,and researches dynamic evolution process of the real estate market risk from producing to trigger.Then,based on the perspective of asset price volatility,researching the impact of real estate market risk on regional economic mechanism through the pathway of real estate price fluctuations.Analyzing the real estate market risk through the wealth effect and investment effect and the financial accelerator effects consumption and investment output variables.Through the establishment of VAR model,we has carried on the empirical research.Results show that the fluctuations in the price of real estate wealth effect is very significant,when the real estate in the stage of the economic downturn,it makes that the real estate market risk through the wealth effect will have great influence on consumer spending.However,the real estate price fluctuations for investmentdirectly affect is not significant,the existence of the financial accelerator effect will enlarge the effect.At last,the article analysis the real estate market risk impact on overall economic development.From the real estate price fluctuations on regional economic effect of gross pulse and variance decomposition,we can see that the real estate market risk for the influence of the regional economy is real exists,but compared to its contribution rate to economic fluctuations,the effect is not significant.This shows that as energy leading economic resources city,the risk of real estate market can only to a certain extent influence the development of economic growth,but cannot completely change of regional economic development trend.Finally,from the inhibition of the real estate market risk,to cut off the real estate market risk impact on regional economic path two aspects of real estate market risk management countermeasures are put forward.According to the research of the real estate market risk and its to influence of regional economic,this article aims to explore valid path to promote coordinated development of resources city real estate industry and regional economy,creating a stable and effective mechanism of sustainable development for real estate industry and the region economy coordinated development of resources cites. |
