英语翻译可以翻译的话,Introduction Real estate represents approximately

英语翻译
可以翻译的话,
Introduction
Real estate represents approximately half of all the tangible capital assets in the developed countries of the world.Real estate also tends to be the most durable asset in these economies,so that the cost of acquiring real estate assets generally far exceeds the annual rental cost of using real
estate.Consequently,in most developed countries,the mortgage market-- meaning the market for financing real estate assets--is among the largest components of the capital markets,its size being on the same order of magnitude as the markets for government debt and traded equity securities.
Due to this importance,mortgage market efficiency is likely to be a key factor in overall financial market efficiency.In particular,a poorly functioning mortgage market is likely to "pollute" other financial markets with its inefficiency.For example,governments are likely to try to "support" inefficient mortgage markets with subsidies and regulations,which then act as implicit taxes and constraints for the rest of the capital
markets.On the other hand,an efficient mortgage market will act as a positive externality for the other capital markets,creating pressure for higher efficiency in these markets.

言
房地产大约一半的有形资本资产,在世界发达国家.房地产也往往是最能持久的资产,在这些经济体中,使成本获取房地产资产一般都远远超过了每年的租金成本,采用实时
地产.因此,在大多数发达国家,抵押贷款市场-即市场融资的房地产资产-是美国最大的组成部分的资本市场,其规模正在就同一量级的市场,为政府债务及买卖股票证券.
由于这种重要性,按揭市场的效率很可能是一个关键因素,在整体金融市场的效率.特别是,运作不良抵押贷款市场很可能"污染"其他金融市场,其效率低下.例如,政府可能会尝试"支持"低效抵押贷款市场的补贴和规章,然后充当隐税和限制其余的资本
市场.在另一方面,一个有效率的按揭市场将作为一个积极的外部性,为其他资本市场,形成压力,更高的效率,在这些市场.