Unlike local governments in western countries, local Chinese governments are prevented from directly issuing debt to fund mandated capital projects. As a result of recent fiscal stresses and restrictions placed on local governments, China has developed a unique funding source, known as Local...

Based on mobile phone records for 71 million users and location tracking information for one million users over two years, this study examines the labor market impacts of the COVID-19 pandemic in China’s Guangdong province, whose GDP is larger than all but the top 12 countries in the world....

In the wake of recent pronounced cycles in housing, substantial media and professional debate have focused on house price determination, and in particular, optimal seller pricing strategies. In this paper, we adopt a multistage search model, in which the home seller's reservation price is...

Property market dynamics depend on changes in long run equilibrium and on impediments to adjustment towards equilibrium. Mortgage termination due to mobility, default and refinancing provides a lens for evaluating property market adjustments. The borrower's decision to move as an adjustment...

The residential mortgage market becomes a financial engine for the booming residential housing development and sustained economic growth in China. Our study provides the first rigorous empirical analysis on the earlier performance of residential mortgage market in China based on a unique micro...

This paper provides a side-by-side comparison of loan-level statistical models for fixed- and adjustable-rate mortgages. Multinomial logit models for quarterly conditional probabilities of default and prepayment are estimated. We find that the estimated impacts of embedded option values for...