许多经济学家认为，引发危机的的直接原因是“全球房地产泡沫之母”。

The immediate cause of the crisis, “the mother of all global housing bubbles”, was spotted by many economists.

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现在，他却说，如果房地产市况回落，则有可能在中国引起一场“重大的经济调整”。 其他主流经济学家也持这种观点。

Now, he says a housing downturn could produce a "major, major economic correction" in China, a view shared by other mainstream economists.

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反过来，房地产价格的上涨又拉动了消费物价上涨，这就是经济学家所说的“房地产财富效应”。

Conversely, rising real estate prices feed into consumer inflation through what economists call “real wealth effect.”

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