This paper examines the impact of a property rights reform in rural China that allowed farmers to lease out their land. We find the reform led to increases in land rental activity in rural households. Consistent with a model of transaction costs in land markets, our results indicate that the...

A capital influx into local housing markets would be expected to increase house prices, but the spillover effect onto rental prices is theoretically ambiguous. I estimate both price impacts in U.S. residential housing markets using data from a boom in real estate purchases by buyers from China,...

We combine the standard Campbell and Shiller (1988) present-value model with the classical user cost of housing model to decompose the rental yield into three components: expected future rent growth, cost of capital and risk premium of owning versus renting. We then apply a quarterly dataset of...

This paper provides an examination of China's residential real estate market at the county level using data from that country's 2000 census. The market is a new one, having only been fully established in 1998. The analysis in the paper is in the form of an aggregate (county-level) hedonic model...

I study bargaining over contract arrangements—contractual flexibility and rental payments—that profoundly affects the ex-post surplus of China's rural land rentals in the context of urban–rural separation. My theory suggests which equations should be estimated to test bargaining over...

Land fragmentation is regarded as obstacle to agricultural productivity and remains serious in rural China. Many researchers suggest that developing land rental markets is one effective approach to land defragmentation, but few papers empirically confirm it. This paper employs Chinese provincial...