Formal and informal debt in China: Evidence from the 2014 hukou reform

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-09-08 DOI:10.1016/j.ememar.2025.101367

Lei Xu , Massimiliano Tani , Yu Zhu , Xin Wen

引用次数: 0

Abstract

We investigate the impact of China's 2014 hukou reform – a major change allowing migrants living in small and medium-sized cities of less than 5 million people to apply for urban residence - on formal and informal borrowing at a time of rapid economic transformation. We find that the hukou policy change has predominantly increased natives' access to finance, especially through informal sources, and for investments in housing. We also find that the policy affects households differently according to education level, with more educated households borrowing more to capitalise on rising asset prices driven by the ‘additional’ urban population created by the policy.

查看原文本刊更多论文

中国的正式和非正式债务：来自2014年户籍改革的证据

我们调查了中国2014年户籍改革的影响——这是一项重大变革，允许生活在人口不足500万的中小城市的流动人口申请城市户口——在经济快速转型时期对正式和非正式借贷的影响。我们发现，户籍政策的变化主要是增加了本地人获得融资的渠道，尤其是通过非正式渠道，以及住房投资。我们还发现，根据受教育程度的不同，该政策对家庭的影响也不同，受教育程度越高的家庭借贷越多，以利用该政策创造的“额外”城市人口推动的资产价格上涨。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.