逃离空气污染:移民、学生和海外房地产价格的溢出效应

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2022-11-02 DOI:10.1093/rof/rfac070

Yuk Ying Chang, S. Dasgupta

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引用次数: 0

摘要

我们构建了1977-2019年中国空气污染新闻报道的时间序列。我们对中国空气污染异常新闻报道(ANC)的测量与经济活动的增长或此类活动的周期性成分无关，但与已知导致空气污染的天气相关条件和大气条件密切相关。非国大与中国更多的资本外逃有关。将美国作为目的国，我们发现ANC与更多的中国公民移民到与中国民族联系更紧密的美国地区，以及更多的国际学生进入与中国学生联系更紧密的美国机构有关。当ANC较高时，与中国有更强种族或教育联系的美国地区的房地产价格会上涨。我们的研究表明，对当地环境风险的认知可能对资本和劳动力的跨境再分配产生重大影响。

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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Escaping Air Pollution: Immigrants, Students, and Spillover Effects on Property Prices Abroad

We construct a time-series of news coverage about air pollution in China for the period 1977-2019. Our measure of abnormal news coverage of China’s air pollution (ANC) is uncorrelated with growth in economic activity or cyclical components of such activity, but strongly correlated with weather-related and atmospheric conditions known to cause air pollution. ANC is associated with more capital flight from China. Focusing on the U.S. as a destination country, we find that ANC is associated with more Chinese citizens emigrating to U.S. regions with stronger ethnic links to China, and more international students enrolling in U.S. institutions with stronger Chinese student links. U.S. regions with stronger ethnic or educational ties to China experience higher property price growth when ANC is higher. Our study suggests that perception of local environmental risk can have major consequences for the cross-border reallocation of capital and labor.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.