银行信贷扩张与房地产泡沫:对东亚金融危机教训的反思

银行信贷扩张在东亚国家和地区房地产泡沫的形成过程中扮演了重要的角色。对东亚金融危机中具有代表性的泰国、马来西亚以及香港地区的银行信贷与房地产泡沫危机表明:银行信贷在房地产业的过度扩张不仅是造成房地产泡沫的重要原因,而且在泡沫崩溃和经济、金融危机中也起了同样重要的作用。为此,我们应汲取东亚金融危机的这一深刻教训,大力推进国有商业银行的改革,发展各类金融市场,加强金融监管和金融市场制度建设,以保证我国银行业和房地产业的健康发展。

Bank Loans Expansion and the Property Bubble: Reflections on the Lessons of East Asian Crisis

The over-expansion of bank loans to the real estate sector plays a very important role in the process of housing bubble in East Asian. Based on the analysis on the experiences of East Asian countries and district, i.e. Thailand, Malaysia and HongKong, this paper points out that bank loans to the housing industry are one of the most important reason in the bubble economy, both in the forming and the debacle process. For this reason, we must draw the lessons from the East Asian crisis, improve the stated-owned bank conditions, develop financial markets, and strengthen the regulation and institutional efforts, for the developing of China's banking and housing industries.