Replication data for: The Great Housing Boom of China
Principal Investigator(s): View help for Principal Investigator(s) Kaiji Chen; Yi Wen
Version: View help for Version V1
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| AEJMacro_2014_0234_data | 10/12/2019 07:43:PM | ||
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text/plain | 14.6 KB | 10/12/2019 03:43:PM |
Project Citation:
Chen, Kaiji, and Wen, Yi. Replication data for: The Great Housing Boom of China. Nashville, TN: American Economic Association [publisher], 2017. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114102V1
Project Description
Summary:
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China's housing prices have been growing nearly twice as fast as national income over the past decade, despite a high vacancy rate and a high rate of return to capital. This paper interprets China's housing boom as a rational bubble emerging naturally from its economic transition. The bubble arises because high capital returns driven by resource reallocation are not sustainable in the long run. Rational expectations of a strong future demand for alternative stores of value can thus induce currently productive agents to speculate in the housing market. Our model can quantitatively account for China's paradoxical housing boom.
Scope of Project
JEL Classification:
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O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O18 Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
P24 Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation
P25 Socialist Systems and Transitional Economies: Urban, Rural, and Regional Economics
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O18 Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
P24 Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation
P25 Socialist Systems and Transitional Economies: Urban, Rural, and Regional Economics
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
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