We develop and test a demand-side theory of the effect of regulation on land prices, where regulation determines higher urban environment quality by city sections. Our theory opposes supply-side neoclassical models where regulation increases prices due to limiting the supply of built...

We examine the effect of a large-scale administrative reorganization in China, where counties are annexed into cities to accommodate urban growth. We present a simple model to illustrate how this annexation may affect firm entry decisions and in turn land market outcomes. Using nationwide data...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...