Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions

被引：20

作者：

Deng, Yinglu ^{[1
]}

Liao, Li ^{[1
]}

Yu, Jiaheng ^{[2
]}

Zhang, Yu ^{[3
]}

机构：

[1] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China

[2] MIT Sloan Sch Management, Cambridge, MA USA

[3] Peking Univ, Guanghua Sch Management, Beijing, Peoples R China

来源：

REVIEW OF FINANCIAL STUDIES | 2022年 / 35卷 / 06期

关键词：

E21; G18; R21; CONSUMPTION EVIDENCE; HOME; GROWTH; ACCESS; WEALTH; RATES; CHINA;

D O I：

10.1093/rfs/hhab091

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use a unique quasi-experiment-spillovers from the imposition of purchase restrictions on local housing to nearby unregulated cities-to study the effects of out-of-town housing demand on house prices and consumer spending. While these restrictions effectively stymied the surge in local house prices, they induced capital flight and sharp abnormal increases in house prices in nearby unregulated cities. The effect of the house price increases on consumer spending is positive in the aggregate, but echoing , is redistributive, that is, negative for renters and positive for homeowners.

引用

页码：3060 / 3099

页数：40

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