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of credit and debit card transactions in China from 2011 to 2013. In sharp contrast to the literature on the U.S. housing …
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in China. Using a panel dataset of 236 cities and hedonic models, we find a depressing effect of urban leverage on … leverage is an important determinant of housing prices in China. …
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Based on Chinese city-level data from 1999 to 2012 and controlling for geological, environmental, and social diversity, this study suggests that credit plays a significant role in driving up house prices after the Great Recession, whereas property prices only influence bank lending before 2008....
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