Rural-Urban Migration, Structural Transformation, and Housing Markets in China
- (pp. 413-40)
Abstract
This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transformation emerge as key drivers of China's house price boom, while at the same time rising house prices impede these forces of economic transition. Policies to boost urbanization can be undone by the endogenous price response. Land supply expansion ameliorates this negative feedback. Overall, housing markets powerfully shape the path of economic development.Citation
Garriga, Carlos, Aaron Hedlund, Yang Tang, and Ping Wang. 2023. "Rural-Urban Migration, Structural Transformation, and Housing Markets in China." American Economic Journal: Macroeconomics, 15 (2): 413-40. DOI: 10.1257/mac.20160142Additional Materials
JEL Classification
- E23 Macroeconomics: Production
- O18 Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
- P23 Socialist Systems and Transitional Economies: Factor and Product Markets; Industry Studies; Population
- P25 Socialist Systems and Transitional Economies: Urban, Rural, and Regional Economics
- R23 Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
- R31 Housing Supply and Markets
- R58 Regional Development Planning and Policy
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