In the past decade, the Chinese economy has witnessed a great housing boom, accompanied by a slowdown in economic growth and an increase in firms' financial investment. The waning economic prospects are shown to lead to a surge in housing prices by stimulating firms' demand for financial...

We revisit the Environmental Kuznets Curve (EKC) argument that an economy could pollute and develop at first and reduce pollution as income continues to grow. We propose a dynamic structural model to capture the interaction between economic growth, human capital accumulation, environmental...

We revisit the Environmental Kuznets Curve (EKC) argument that an economy could initially develop in a polluting way and then environmental quality would improve after income grows over a threshold. We propose a dynamic model to capture the interaction among economic growth, human capital...