Rural-Urban Migration, Structural Transformation, and Housing Markets in China

Carlos Garriga (), Aaron Hedlund, Yang Tang and Ping Wang

No 23819, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper explores the contribution of the structural transformation and urbanization process to China's housing-market boom. Rural to urban migration together with regulated land supplies and developer entry restrictions can raise housing prices. This issue is examined using a multi-sector dynamic general-equilibrium model with migration and housing. Our quantitative findings suggest that this process accounts for about 80 percent of urban housing price changes. This mechanism remains valid in extensions calibrated to the two largest cities with most noticeable housing booms and to several alternative setups. Overall, supply factors and productivity account for most of the housing price growth.

JEL-codes: E20 O41 R21 R31 (search for similar items in EconPapers)
Date: 2017-09
New Economics Papers: this item is included in nep-cna, nep-dge, nep-mac, nep-mig, nep-tra and nep-ure
Note: DEV EFG
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Citations: View citations in EconPapers (31)

Published as Carlos Garriga & Aaron Hedlund & Yang Tang & Ping Wang, 2023. "Rural-Urban Migration, Structural Transformation, and Housing Markets in China," American Economic Journal: Macroeconomics, vol 15(2), pages 413-440.

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Related works:
Journal Article: Rural-Urban Migration, Structural Transformation, and Housing Markets in China (2023)
Working Paper: Rural-Urban Migration, Structural Transformation, and Housing Markets in China (2019)
Working Paper: Rural-Urban Migration, Structural Transformation, and Housing Markets in China (2014)
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