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Rural-Urban Migration, Structural Transformation, and Housing Markets in China / Carlos Garriga, Aaron Hedlund, Yang Tang, Ping Wang.
- Format:
- Book
- Author/Creator:
- Garriga, Carlos.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23819.
- NBER working paper series no. w23819
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- This paper explores the contribution of the structural transformation and urbanization process to China's housing-market boom. Rural to urban migration together with regulated land supplies and developer entry restrictions can raise housing prices. This issue is examined using a multi-sector dynamic general-equilibrium model with migration and housing. Our quantitative findings suggest that this process accounts for about 80 percent of urban housing price changes. This mechanism remains valid in extensions calibrated to the two largest cities with most noticeable housing booms and to several alternative setups. Overall, supply factors and productivity account for most of the housing price growth.
- Notes:
- Print version record
- September 2017.
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