The author thinks that there is positive correlation between the degree of house price responses to market shock and land leverage value.

认为房价对市场冲击做出反应的程度正相关于土地杠杆大小，高土地杠杆地区面对同样的经济冲击做出反应的程度也大。

youdao

The market is undergoing a “demand shock” as consumption growth this year accelerates to the second-highest level in 30 years.

随着石油消费增速今年升至30年来的次高水平，市场正在经历一场“需求冲击”。

youdao

This accounts for the radical shock in the international market after the announcement of the Fed's QE2.

这也是美联储QE2推出后，国际市场剧烈震荡的原因。

youdao

Under the tests' most severe scenario, unemployment peaks at 12.1%, share prices drop more than 50%, house prices fall more than 20%, and the largest trading firms suffer a sharp market shock.

BBC: Ally Financial sign

That seems kind of crazy when considered that often times, particularly as we have seen over the last couple of years, a major credit or market shock can lead directly to liquidity impairment.

FORBES: Euro Stress Tests Not Very Stressful

The market is recuperating from that shock even today.

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