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ID:
142674
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| Summary/Abstract |
This paper compares the current Chinese mortgage market with the markets in several advanced economies that suffered most in the 2008 Global Financial Crisis, exploring the potential and rigidities of development of the secondary mortgage market in China. It finds that, first of all, while the over-securitisation of mortgages in the United States accounted for most for its housing decline and subsequent economic stress, the housing downturn in China is largely the result of the underdeveloped housing finance sector. Second, in the absence of a well-functioning legal system and mature primary mortgage market, China needs to make more effort to improve the diversity of the primary market before establishing a secondary market. Third, in China’s market transition, the nature of housing should be seen as neither an economic engine, as now in China, nor as a financial derivative, as in the United States.
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| 2 |
ID:
104208
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| Publication |
2011.
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| Summary/Abstract |
This paper shows that the contagion effect brought about by the global financial crisis has given rise to a series of individual and family problems. This result is strongly supported by theoretical and empirical evidence. It also points out that family law in China, despite revisions to it over the past decade or so, appears to be inadequate to address the issues on marriages, among other things. Several approaches for reducing the negative impacts on individuals and family units have been proposed. Firstly, family mediation is found to be useful for stemming the social consequences arising, for instance, from separation or divorce. It is found to be especially useful during an economic crisis. Given the extensiveness of the problems and that even 'good' family law has its limitations, broader public policy solutions seem to be warranted.
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