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A Tale of Tier 3 Cities
Rogoff, Kenneth S.; Yang, Yuanchen - National Bureau of Economic Research - 2022
This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China in order to understand where excess supply might be concentrated, and the implications of any significant contraction. We also update estimates of the size of China's rapidly...
Persistent link: https://www.econbiz.de/10013388875
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Relocating or Redefined : A New Perspective on Urbanization in China
Gan, Li - 2019
China's fast economic growth over the past 40 years has been accompanied by an increasingly rapid rate of urbanization, from about 20% in the early 1980s to 60% in 2018. In addition to natural population growth, rural-urban migration is generally believed to be a dominant driving force....
Persistent link: https://www.econbiz.de/10012480529
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Haste or Waste?$bThe Role of Presale in Residential Housing
Chen, Ziyang; Hu, Maggie Rong; Jin, Ginger Zhe; Zhou, Qiyao - National Bureau of Economic Research - 2024
This paper provides the first theory and evidence on the role of presale policies in the residential housing market. We start with constructing a novel dataset of unfinished projects, presale policies, and land auction outcomes across 270 major cities in China. We then identify 2,330 unfinished...
Persistent link: https://www.econbiz.de/10014468213
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Housing and Monetary Policy
Taylor, John B. - 2007
Since the mid-1980s, monetary policy has contributed to a great moderation of the housing cycle by responding more proactively to inflation and thereby reducing the boom bust cycle. However, during the period from 2002 to 2005, the short term interest rate path deviated significantly from what...
Persistent link: https://www.econbiz.de/10012464964
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Housing, Credit Markets and the Business Cycle
Feldstein, Martin S. - 2007
The housing sector is now (September 2007) at the root of three distinct but related problems: (1) a sharp decline in house prices and the related fall in home building; (2) a subprime mortgage problem that has triggered a substantial widening of all credit spreads and the freezing of much of...
Persistent link: https://www.econbiz.de/10012465177
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Can Housing Collateral Explain Long-Run Swings in Asset Returns?
Lustig, Hanno - 2006
To explain the low-frequency variation in US equity and debt returns in the 20th century, we solve an equilibrium model in which households face housing collateral constraints. An increase in the ratio of housing to human wealth loosens these borrowing constraintsthus allowing for more risk...
Persistent link: https://www.econbiz.de/10012465895
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Heterogeneous Real Estate Agents and the Housing Cycle
Gilbukh, Sophia; Goldsmith-Pinkham, Paul - National Bureau of Economic Research - 2023
The real estate market is highly intermediated, with 90 percent of buyers and sellers hiring an agent to help them transact a house. However, low barriers to entry and fixed commission rates result in a market where inexperienced intermediaries have a large market share, especially following...
Persistent link: https://www.econbiz.de/10014372440
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Privatization and nationalization cycles
Chang, Roberto - 2009
"This paper studies the cycles of nationalization and privatization in resource-rich economies. We discuss available … evidence on the drivers and consequences of privatization and nationalization, review the existing literature, and present … of the observed cycles of privatization and nationalization, and is consistent with a variety of observed phenomena …
Persistent link: https://www.econbiz.de/10011394323
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Privatization and Nationalization Cycles
Chang, Roberto - 2010
This paper studies the cycles of nationalization and privatization in resource-rich economies. We discuss available … evidence on the drivers and consequences of privatization and nationalization, review the existing literature, and present … determinants of the observed cycles of privatization and nationalization, and is consistent with a variety of observed phenomena …
Persistent link: https://www.econbiz.de/10012462530
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Who Should Own and Control Urban Water Systems? Historical Evidence from England and Wales
Beach, Brian - 2016
Nearly 40% of England's privately built waterworks were municipalised in the late 19th century. We examine how this affected public health by pairing annual mortality data for over 600 registration districts, spanning 1869 to 1910, with detailed waterworks information. Identification is aided by...
Persistent link: https://www.econbiz.de/10012456126