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

Carlos Garriga (), Aaron Hedlund, Yang Tang and Ping Wang
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Aaron Hedlund: University of Missouri
Yang Tang: Nanyang Technological University

No 1511, 2019 Meeting Papers from Society for Economic Dynamics

Abstract: This paper explores the contribution of the structural transformation and urbanization process in the housing market in China. City migration flows combined with an inelastic land supply, due to entry restrictions, has raised house prices. This issue is examined using a multi-sector dynamic general-equilibrium model with migration and housing market. Our quantitative findings suggest that this process accounts for about 80 percent of urban housing prices. This mechanism remains valid in an extension calibrated to the two largest cities where housing booms have been particularly noticeable. Overall, supply factors and productivity account for most of the housing price growth.

Date: 2019
New Economics Papers: this item is included in nep-cna, nep-dge, nep-tra and nep-ure
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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 (2017)
Working Paper: Rural-Urban Migration, Structural Transformation, and Housing Markets in China (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed019:1511

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