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Rynek nieruchomości mieszkaniowych w procesie powstawania nierównowag makroekonomicznych

100%

Kucharska-Stasiak E.

Świat Nieruchomości

2016

issue 2(96)

5-10

Źródeł powstania kryzysu finansowego 2007-2008 upatruje się w silnym zakłóceniu równowag makroekonomicznych. Wielu ekonomistów przyczyn kryzysu poszukuje w zaburzeniu funkcjonowania rynku finansowego i rynku nieruchomości. W artykule podjęto próbę wykazania, że rynek nieruchomości ma jedynie pośredni udział w powstawaniu kryzysu. Rynek nieruchomości powinien stanowić jednak przedmiot monitorowania, bowiem silne zmiany po stronie popytu, podsycane dostępem do taniego kredytu a także zachowaniami spekulacyjnymi mogą wywołać szoki popytowe, które prowadzą do powstania baniek cenowych, przejawiających się w gwałtownych, nieuzasadnionych wielkościami fundamentalnymi, wzrostach cen. Ich pęknięcie powoduje powstanie fali kredytów trudnych, pogłębiając recesje i spowalniając następujące po niej ożywienie gospodarcze.

The origins of the 2007-2008 crisis are believed to lie in the strong disturbance of macroeconomic balances. Many economists see the causes of the crisis in the disorder in the financial market and the real estate market. The theoretical layer of the paper seeks to demonstrate that the real estate market is only indirectly involved in the development of the crisis. This market, however, should be monitored, since the strong changes on the demand side, fuelled by the access to cheap loans and speculative behaviour may cause demand shocks which lead to the development of price bubbles, manifested in the violent price increases, unjustified by fundamental values. When the bubbles burst, a wave of difficult loans appears, deepening recessions and slowing down the subsequent economic recovery. The empirical layer undertakes the assessment of the real estate market as an environment which contributes to the emergence of macroeconomic imbalances.

Modele idealizacyjne baniek cenowych

84%

Tyc W.

Przegląd Zachodniopomorski

2013

issue 3/1

339-356

In the hereby article the author has presented the discourse about the mechanism of price bubbles. It has been assumed, that the recognition and explanation of price bubbles morphology must rely on the deciphering the synergistic effects of individuals behavior. The sources of price bubbles have been reduced to four main groups of factors originating in the human choice limitations, e.g.: material and economic constraints as well as institutional and psychological limitations. It has also been recognized, that the descriptive model of price bubbles explanation is no longer useful in the essential sense, while it does not show the core of the problem. That brings back the necessity of understanding their divers ity where pointing out the factors of constitutive and regulative nature, as well as defining the interaction (feedback) specifi city. It has also been assumed, that understanding of the nomological differences within the price bubbles theme requires the repeal of the orthodox economics theory basic assumptions. It has been assumed, that although the price bubbles phenomenon has been characteristic for many markets, its morphology differs. One can easily observe the differences between price bubbles morphology of hi-tech stock (or the stock market in the wider sense), price bubbles morphology of the land market (rigid supply resources) and fi nally the price bubble on the real estate market.

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1 Przegląd Zachodniopomorski

1 Świat Nieruchomości

1 Kucharska-Stasiak E.

1 Tyc W.

1 2016

1 2013

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Rynek nieruchomości mieszkaniowych w procesie powstawania nierównowag makroekonomicznych

Modele idealizacyjne baniek cenowych