Rural-urban migration, structural transformation, and housing markets in China
This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transf...
| Main Authors: | , , , |
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| Other Authors: | |
| Format: | Journal Article |
| Language: | English |
| Published: |
2023
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10356/171895 |
| _version_ | 1811685627421261824 |
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| author | Garriga, Carlos Hedlund, Aaron Tang, Yang Wang, Ping |
| author2 | School of Social Sciences |
| author_facet | School of Social Sciences Garriga, Carlos Hedlund, Aaron Tang, Yang Wang, Ping |
| author_sort | Garriga, Carlos |
| collection | NTU |
| description | This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transformation emerge as key drivers of China’s house price boom, while at the same time rising house prices impede these forces of economic transition. Policies to boost urbanization can be undone by the endogenous price response. Land supply expansion ameliorates this negative feedback. Overall, housing markets powerfully shape the path of economic development. |
| first_indexed | 2024-10-01T04:47:32Z |
| format | Journal Article |
| id | ntu-10356/171895 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T04:47:32Z |
| publishDate | 2023 |
| record_format | dspace |
| spelling | ntu-10356/1718952023-11-19T15:30:22Z Rural-urban migration, structural transformation, and housing markets in China Garriga, Carlos Hedlund, Aaron Tang, Yang Wang, Ping School of Social Sciences Social sciences::Economic development Rural-Urban Migration Housing Markets This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transformation emerge as key drivers of China’s house price boom, while at the same time rising house prices impede these forces of economic transition. Policies to boost urbanization can be undone by the endogenous price response. Land supply expansion ameliorates this negative feedback. Overall, housing markets powerfully shape the path of economic development. Published version 2023-11-15T02:49:21Z 2023-11-15T02:49:21Z 2023 Journal Article Garriga, C., Hedlund, A., Tang, Y. & Wang, P. (2023). Rural-urban migration, structural transformation, and housing markets in China. American Economic Journal: Macroeconomics, 15(2), 413-440. https://dx.doi.org/10.1257/mac.20160142 1945-7707 https://hdl.handle.net/10356/171895 10.1257/mac.20160142 2-s2.0-85163305050 2 15 413 440 en American Economic Journal: Macroeconomics © 2023 American Economic Association. All rights reserved. This article may be downloaded for personal use only. Any other use requires prior permission of the copyright holder. The Version of Record is available online at http://doi.org/10.1257/mac.20160142 application/pdf |
| spellingShingle | Social sciences::Economic development Rural-Urban Migration Housing Markets Garriga, Carlos Hedlund, Aaron Tang, Yang Wang, Ping Rural-urban migration, structural transformation, and housing markets in China |
| title | Rural-urban migration, structural transformation, and housing markets in China |
| title_full | Rural-urban migration, structural transformation, and housing markets in China |
| title_fullStr | Rural-urban migration, structural transformation, and housing markets in China |
| title_full_unstemmed | Rural-urban migration, structural transformation, and housing markets in China |
| title_short | Rural-urban migration, structural transformation, and housing markets in China |
| title_sort | rural urban migration structural transformation and housing markets in china |
| topic | Social sciences::Economic development Rural-Urban Migration Housing Markets |
| url | https://hdl.handle.net/10356/171895 |
| work_keys_str_mv | AT garrigacarlos ruralurbanmigrationstructuraltransformationandhousingmarketsinchina AT hedlundaaron ruralurbanmigrationstructuraltransformationandhousingmarketsinchina AT tangyang ruralurbanmigrationstructuraltransformationandhousingmarketsinchina AT wangping ruralurbanmigrationstructuraltransformationandhousingmarketsinchina |