How far do China’s property prices need to drop in order to send the country into a recession? What does this question … explain how economies (mis)allocate resources during bubbles. A 15%-20% property price drop could cause recession, if China …

Since the 2008 global financial crisis, China’s economic growth has continued to slow down, while its real estate …, China’s housing serves as a safe asset to store wealth. We also extend Caballero et al.’s (2008) framework to a two …

China's real estate has been a key engine of its sustained economic expansion. This paper argues, however, that even …

incompleteness-on China's housing prices. The model implies that to eradicate the root causes of the rising housing price …

This paper investigates whether housing collateral is important to the business cycle in China. We develop two models …