Capital Inflows and Property Prices: Ethnicity, Education, and Spillovers

Yuk-Ying Chang and Sudipto Dasgupta

Journal of Financial and Quantitative Analysis, 2022, vol. 57, issue 8, 3145-3177

Abstract: China has experienced significant capital flight over the past two decades. Despite anecdotal evidence that some of this capital has been invested in foreign residential markets, not much is known about its destination and impact. We examine the effects of capital inflows from China on residential property prices and the real economy in the USA and global metropolitan areas. We show that inflows had significant effects on residential property markets and employment in regions that i) have strong ethnic ties to China and ii) are destinations of Chinese students. We document spillovers to geographically adjacent regions without strong Chinese links.

Date: 2022
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