Does the size of the housing rental market stabilize regional economic fluctuations? Evidence from China's large- and medium-sized cities

IF 6.5 1区经济学 Q1 DEVELOPMENT STUDIES

Habitat International Pub Date : 2024-09-27 DOI:10.1016/j.habitatint.2024.103189

Yu Kong, Junhao Dong

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引用次数: 0

Abstract

The influence of the housing rental market on economic operations is a significant concern. Particularly in China, the rental market has been undergoing a transition from being disregarded to being valued. Based on an analytical framework referencing the three-sector theory of metropolitan economic growth, this study explores the impact of rental market size on regional economic fluctuations and its influence channels using a panel of 69 large and medium-sized cities from 2010 to 2019. The results indicate that increased rental market size is significantly correlated with decreased regional economic fluctuations through housing sales and labor market channels. Specifically, house price depression, house investment stability, labor allocation, and employment stability effects are crucial channels through which the size of the rental market influences regional economic fluctuations. In addition, the marginal effect of rental market size on regional economic fluctuations is smaller in cities with higher economic development. The conclusions imply that policymakers should not focus on how to unilaterally expand the housing rental market, but should strategically compensate for the defects of regional housing rental–related institutional systems.

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住房租赁市场的规模能否稳定区域经济波动？来自中国大中城市的证据

住房租赁市场对经济运行的影响备受关注。特别是在中国，住房租赁市场正经历着从被忽视到被重视的转变。本研究在参考大城市经济增长三部门理论的分析框架基础上，以2010-2019年69个大中城市为样本，探讨了租赁市场规模对区域经济波动的影响及其影响渠道。结果表明，通过住房销售和劳动力市场渠道，租赁市场规模的扩大与区域经济波动的减小显著相关。具体而言，房价抑制、住房投资稳定、劳动力配置和就业稳定效应是租赁市场规模影响区域经济波动的重要渠道。此外，在经济发展水平较高的城市，租赁市场规模对区域经济波动的边际效应较小。结论表明，政策制定者不应只关注如何单方面扩大住房租赁市场，而应该从战略上弥补区域住房租赁相关制度体系的缺陷。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Habitat International Multiple-

CiteScore

10.50

自引率

10.30%

发文量

151

审稿时长

38 days

期刊介绍： Habitat International is dedicated to the study of urban and rural human settlements: their planning, design, production and management. Its main focus is on urbanisation in its broadest sense in the developing world. However, increasingly the interrelationships and linkages between cities and towns in the developing and developed worlds are becoming apparent and solutions to the problems that result are urgently required. The economic, social, technological and political systems of the world are intertwined and changes in one region almost always affect other regions.