中文摘要：

Pavlov and Wachter（2004,2006）从市场竞争的角度发现住房信贷偏低定价是推动信贷过度扩张从而导致房地产价格膨胀的一个重要原因。本文认为流动性过剩将加剧这种现象,同时贷款放宽也是推动信贷过度扩张导致房地产价格上涨的重要原因。近年来在流动性过剩下中美两国住房信贷市场都出现了偏低定价和贷款放宽现象,其表现和产生的原因具有共性和个性。在中美比较的基础上,本文提出了对我国的几点启示。

英文摘要：

From the angle of market competition, Pavlov and Wachter （2004, 2006） discussed the relationship between real estate bubbles and lending underpricing. Base on an extension of PM model, the paper considers that under the circumstances of excess liquidity, not only lending underpricing but also credit relaxation in housing credit market lead to real estate bubble. We can find the phenomenon of lending underpricing and credit relaxation in China and America. After making comparison between China and America, the paper puts forward some suggestions.