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王平等:中国的城乡移民、结构转换与房地产市场

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添加时间:2015-06-07 01:30:14

最后更新:2015-06-07 01:33:22

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发布人:george15135

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Abstract: This paper explores the role played by structural transformation and the resulting relo-
cation of workers from rural to urban areas in the recent housing boom in China. This development
process has fostered an ongoing increase in urban housing demand, which, combined with a rela-
tively inelastic supply due to land and entry restrictions, has raised housing and land prices. We
examine the issue using a multi-sector dynamic general-equilibrium model with endogenous rural-
urban migration and endogenous housing demand and supply. Our quantitative results suggest
that the development process accounts for two-thirds of housing and land price movements across
all urban areas. This mechanism is ampli…ed in an extension calibrated to the two largest cities
indicating that market fundamentals remain a key driver of housing and land prices.

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