全球资本流动的局部效应:中国对美国房地产市场的冲击

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-08-21 DOI:10.1093/rfs/hhad067

Zhimin Li, Leslie Sheng Shen, Calvin Zhang

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引用次数: 0

摘要

摘要本文研究了外资流入对我国房地产市场的实际影响。利用交易层面的数据，我们记录了(i) 2008年之后以外国中国人购房激增为特征的美国房地产市场的“中国冲击”，以及(ii)这些购房中的“本土偏好”，因为它们集中在历史上由华人居住的社区。利用它们的时空变化，我们发现这些资本流入提高了当地就业，并通过住房净值渠道传递了这种效应。然而，他们取代了当地低收入居民。我们的研究结果表明，房地产资本流入既可以刺激实体经济，也可以诱发中产阶级化。2021年3月2日收稿;编辑决定2023年6月30日作者们提供了一份互联网附录，可以在牛津大学出版社的网站上找到，就在最终发表论文的链接旁边

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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Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market

Abstract This paper studies the real effects of foreign real estate capital inflows. Using transaction-level data, we document (i) a “China shock” in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008, and (ii) “home bias” in these purchases, as they concentrate in neighborhoods historically populated by ethnic Chinese. Exploiting their temporal and spatial variation, we find that these capital inflows raise local employment, with the effect transmitted through a housing net worth channel. However, they displace local lower-income residents. Our results show that real estate capital inflows can both stimulate the real economy and induce gentrification. Received March 2, 2021; editorial decision June 30, 2023 by Editor . Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.