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区域经济周期和房地产周期分析.doc

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区域经济周期和房地产周期分析.doc

上传人:问道九霄 2012/2/23 文件大小:0 KB

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区域经济周期和房地产周期分析.doc

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文档介绍:本科毕业设计(论文)
外文翻译
原文:
Regional Business Cycle and Real Estate Cycle Analysis and
The Role of Federal Governments in Regional Stability
For the last two decades the topic of the real estate cycle has gained a lot of attention not only in the fields of micro and macro economics, but also in the field of finance and investment. Recently real estate became a lucrative investment option for investors (Leonhardt [23]; Dhar and Goetzmann [15]). Securitization of the real estate market was one important trend that attracted many investors into this field. Further, now there are more investors who can participate in the global real estate market than a decade ago (Case, Goetzmann, and Rouwenhorst, [9]). Nevertheless, in recent decades the world has experienced a couple of global real estate fluctuations including recent . real estate crisis. This makes researchers and investors wonder about the structures of real estate cycles and how they are related to other economic activities in the nation as well as throughout the world.
Many studies show that the real estate cycle has a direct impact on the behavior
of households, investors, banking systems, as well as on the national economy (Case [8], Wheelock [35], and Barlevy [1]). Very few studies, however, pared and analyzed national and state level business cycles with the national and regional real estate cycles. parison is import