THE 2008 ECONOMIC STIMULUS PLAN AND HOUSING PRICE: THE ROLE OF SOES

Shi-Zhuan Han (), Honghong Wei (), Bihong Huang and Jie Li
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Shi-Zhuan Han: East China Jiaotong University, #808 Shuang Gang East Street, Qing Shan Hu District, Nanchang, Jiangxi, China
Honghong Wei: East China Jiaotong University, #808 Shuang Gang East Street, Qing Shan Hu District, Nanchang, Jiangxi, China
Bihong Huang: ��Asian Development Bank, 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines
Jie Li: ��Central University of Finance and Economics, #39 South College Road, Haidian, Beijing, China

The Singapore Economic Review (SER), 2024, vol. 69, issue 02, 697-725

Abstract: How does China’s 2008 economic stimulus plan affect housing price through the channel of state-owned enterprises (SOEs)? Utilizing a sample of 206 Chinese cities and a different-in-difference approach, we show that the housing prices in cities with a higher prevalence of SOEs, tend to grow disproportionately faster than that in cities with lower prevalence of SOEs after the shock of 2008 China’s stimulus plan. The heterogeneity tests show that the SOE channel plays a more important role in cities with more city investment bonds, less financial development and lower level of marketization. Our conclusion is robust across a battery of sensitivity tests.

Keywords: Housing price; stimulus plan; SOEs; expansionary policy (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S021759082141006X

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