| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27230 |
| 来源ID | Working Paper 27230 |
| Spatial Misallocation in Chinese Housing and Land Markets | |
| Yongheng Deng; Yang Tang; Ping Wang; Jing Wu | |
| 发表日期 | 2020-05-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Housing and land prices in China have experienced dramatic hikes over the past decade or two. Moreover, housing and land prices have also become more dispersed across Chinese cities. This paper intends to explore how housing and land market frictions may affect not only the aggregate but also the spatial distribution of housing and land prices and hence the extent of spatial misallocation. We first document the spatial variations of housing and land market frictions. In particular, larger tier-1 cities receive less housing and land subsidies, compared to tier-2 and tier-3 cities, whereas land frictions have been mitigated over time. We then embed both types of market frictions into a dynamic competitive spatial equilibrium framework featured with endogenous rural-urban migration. The calibrated model can reasonably mimic the price hikes in the data. Our counterfactual analysis reveals that, in a frictionless economy, the levels of housing and land prices would both be higher; while the housing price hike would slow down, the land price would grow more rapidly. Moreover, the housing price would not be slow down unless housing frictions can be largely mitigated. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w27230 |
| 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/584902 |
| 推荐引用方式 GB/T 7714 | Yongheng Deng,Yang Tang,Ping Wang,et al. Spatial Misallocation in Chinese Housing and Land Markets. 2020. |
| 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 | ||
| w27230.pdf（4957KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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