{"id":"https://openalex.org/W2018870305","doi":"https://doi.org/10.1111/j.1749-124x.2011.01267.x","title":"Excess Liquidity, Housing Price Booms and Policy Challenges in China","display_name":"Excess Liquidity, Housing Price Booms and Policy Challenges in China","publication_year":2011,"publication_date":"2011-11-01","ids":{"openalex":"https://openalex.org/W2018870305","doi":"https://doi.org/10.1111/j.1749-124x.2011.01267.x","mag":"2018870305"},"language":"en","primary_location":{"id":"doi:10.1111/j.1749-124x.2011.01267.x","doi":"https://doi.org/10.1111/j.1749-124x.2011.01267.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1749-124x.2011.01267.x","pdf_url":null,"source":{"id":"https://openalex.org/S48661868","display_name":"China & World Economy","issn_l":"1671-2234","issn":["1671-2234","1749-124X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"China & World Economy","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5082436237","display_name":"Shen Guo","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I137867983","display_name":"Central University of Finance and Economics","ror":"https://ror.org/008e3hf02","country_code":"CN","type":"education","lineage":["https://openalex.org/I137867983"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Shen Guo","raw_affiliation_strings":["Assistant Professor, China Academy of Public Finance and Public Policy, Central University of Finance and Economics, Beijing, China. Email: sguo.cufe@gmail.com"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Assistant Professor, China Academy of Public Finance and Public Policy, Central University of Finance and Economics, Beijing, China. Email: sguo.cufe@gmail.com","institution_ids":["https://openalex.org/I137867983"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100369923","display_name":"Chen Li","orcid":"https://orcid.org/0000-0003-2261-2369","observed_orcids":["https://orcid.org/0000-0003-2261-2369","https://orcid.org/0009-0000-6807-3490"]},"institutions":[{"id":"https://openalex.org/I137867983","display_name":"Central University of Finance and Economics","ror":"https://ror.org/008e3hf02","country_code":"CN","type":"education","lineage":["https://openalex.org/I137867983"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Chen Li","raw_affiliation_strings":["Assistant Professor, Central University of Finance and Economics, Beijing, China. Email: leolee_25@yahoo.com"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Assistant Professor, Central University of Finance and Economics, Beijing, China. Email: leolee_25@yahoo.com","institution_ids":["https://openalex.org/I137867983"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5082436237","https://openalex.org/A5100369923"],"corresponding_institution_ids":["https://openalex.org/I137867983"],"apc_list":{"value":2840,"currency":"USD","value_usd":2840},"apc_paid":null,"fwci":1.4958,"has_fulltext":false,"cited_by_count":20,"citation_normalized_percentile":{"value":0.87918704,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"19","issue":"6","first_page":"76","last_page":"91"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9804999828338623,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.008899999782443047,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.008100000210106373,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/excess-liquidity","display_name":"excess liquidity","score":0.9980000257492065},{"id":"https://openalex.org/keywords/central-bank-policy","display_name":"central bank policy","score":0.6679999828338623},{"id":"https://openalex.org/keywords/time-inconsistency","display_name":"time inconsistency","score":0.9179999828338623},{"id":"https://openalex.org/keywords/inflation-bias","display_name":"inflation bias","score":0.7860000133514404},{"id":"https://openalex.org/keywords/real-estate-prices","display_name":"real estate prices","score":0.8190000057220459},{"id":"https://openalex.org/keywords/economic-growth-targets","display_name":"economic growth targets","score":0.5540000200271606},{"id":"https://openalex.org/keywords/monetary-policy-constraints","display_name":"monetary policy constraints","score":0.6330000162124634},{"id":"https://openalex.org/keywords/china","display_name":"China","score":0.8349999785423279}],"concepts":[{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.7473421096801758},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7368862628936768},{"id":"https://openalex.org/C141441539","wikidata":"https://www.wikidata.org/wiki/Q1970908","display_name":"Boom","level":2,"score":0.6708722114562988},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.657019853591919},{"id":"https://openalex.org/C82279013","wikidata":"https://www.wikidata.org/wiki/Q684740","display_name":"Real estate","level":2,"score":0.6476567983627319},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.581486701965332},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.5759057402610779},{"id":"https://openalex.org/C8573378","wikidata":"https://www.wikidata.org/wiki/Q923190","display_name":"Liquidity trap","level":4,"score":0.44362443685531616},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.4164985418319702},{"id":"https://openalex.org/C189259953","wikidata":"https://www.wikidata.org/wiki/Q1042259","display_name":"Liquidity risk","level":3,"score":0.3369165062904358},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.168809711933136},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C87717796","wikidata":"https://www.wikidata.org/wiki/Q146326","display_name":"Environmental engineering","level":1,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1111/j.1749-124x.2011.01267.x","doi":"https://doi.org/10.1111/j.1749-124x.2011.01267.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1749-124x.2011.01267.x","pdf_url":null,"source":{"id":"https://openalex.org/S48661868","display_name":"China & World Economy","issn_l":"1671-2234","issn":["1671-2234","1749-124X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"China & World Economy","raw_type":"journal-article"},{"id":"mag:3142707233","doi":null,"is_oa":false,"landing_page_url":"http://www.cqvip.com/QK/84124X/201106/40328404.html","pdf_url":null,"source":{"id":"https://openalex.org/S48661868","display_name":"China & World Economy","issn_l":"1671-2234","issn":["1671-2234","1749-124X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"\u4e2d\u56fd\u4e0e\u4e16\u754c\u7ecf\u6d4e\uff1a\u82f1\u6587\u7248","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W1497626405","https://openalex.org/W1567345466","https://openalex.org/W1572368620","https://openalex.org/W1964192717","https://openalex.org/W1975109381","https://openalex.org/W1992672032","https://openalex.org/W1995983897","https://openalex.org/W2009533575","https://openalex.org/W2024240075","https://openalex.org/W2049799144","https://openalex.org/W2050488547","https://openalex.org/W2078652693","https://openalex.org/W2130227914","https://openalex.org/W3123015647","https://openalex.org/W3123949599","https://openalex.org/W3124628809","https://openalex.org/W4205825638"],"related_works":["https://openalex.org/W2361292195","https://openalex.org/W2356565425","https://openalex.org/W2515472911","https://openalex.org/W2352626257","https://openalex.org/W2354000240","https://openalex.org/W2160722682","https://openalex.org/W1992672032","https://openalex.org/W2210455913","https://openalex.org/W2373080978","https://openalex.org/W2382789604"],"abstract_inverted_index":{"Abstract":[0],"Incorporating":[1],"asymmetric":[2],"cost":[3],"and":[4,26,52,77],"benefit":[5],"of":[6,22,100],"supplying":[7],"excess":[8,24,46,105],"liquidity":[9,25,47,106],"into":[10],"an":[11,20,68,79],"otherwise":[12],"standard":[13],"time":[14],"inconsistency":[15],"model,":[16],"this":[17],"paper":[18],"offers":[19],"explanation":[21],"the":[23,37,57,64,74,83,89,96],"housing":[27],"price":[28,86],"booms":[29],"recently":[30],"experienced":[31],"in":[32,88],"China.":[33],"We":[34],"find":[35],"that":[36,95],"central":[38,58,90,97],"bank's":[39,91,98],"incentive":[40],"to":[41,66,82],"stimulate":[42],"economic":[43,69,102],"growth":[44,70,103],"with":[45,104],"fuels":[48],"real":[49,84],"estate":[50,85],"prices":[51],"accelerates":[53],"inflation":[54],"bias.":[55],"Therefore,":[56],"bank":[59],"should":[60],"free":[61],"itself":[62],"from":[63],"pressure":[65],"achieve":[67],"rate":[71],"higher":[72],"than":[73],"potential":[75],"level,":[76],"assign":[78],"appropriate":[80],"weight":[81],"fluctuations":[87],"objective":[92],"function,":[93],"so":[94],"policy":[99],"stimulating":[101],"can":[107],"be":[108],"constrained.":[109]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2016-06-24T00:00:00"}