For many analysts, the Chinese economy is spurred by a bubble in the housing market, probably driven by the fiscal … stimulus package and massive credit expansion, with pos-sible adverse effects to the real economy. To get insights into the … growth may not be heavily affected. Thus, a decline of the bubble will likely have only modest effects on the real economy …

limit speculative runs and negative effects on the real economy in the future. We explore the impacts of liquidity shocks on …

growth and a smooth development of the global economy. …