| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16871 |
| 来源ID | Working Paper 16871 |
| Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market | |
| Yongheng Deng; Randall Morck; Jing Wu; Bernard Yeung | |
| 发表日期 | 2011-03-10 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | In the recent financial crisis, macroeconomic stimuli produced mixed results across developed economies. In contrast, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first quarter of 2010. Amidst this phenomenal response, land auction and house prices in major cities soared. We argue that the speed and efficacy of China's stimulus derives from state control over its banking system and corporate sector. Beijing ordered state-owned banks to lend, and they lent. Beijing ordered centrally-controlled state-owned enterprises (SOEs) to invest, and they invested. However, our data show that much of this investment was highly leveraged purchases of real estate. Residential land auction prices in eight major cities rose about 100% in 2009, controlling for quality variation. Moreover, higher price rises occur these SOEs are more active buyers. We argue that these centrally-controlled SOEs overbid substantially, fueling a real estate bubble; and that China's seemingly highly effective macroeconomic stimulus package may well have induced costly resource misallocation. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w16871 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574545 |
| 推荐引用方式 GB/T 7714 | Yongheng Deng,Randall Morck,Jing Wu,et al. Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16871.pdf（910KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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