China Real Estate Black Swan
¨Huge
Savings and Reserves:
¨Having
huge savings and reserves may be comforting
¨But they
do not appear to always stop or prevent market
downturns
¨Hong
Kong during the AFC 1997 to 2007: Correlations between
home price index, reserve, and M3
0.89
0.94
M3
Reserve
0.00
(0.04)
M3
Home Index
0.12
(0.35)
Reserve
Home Index
R2
R
Correlations :