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Replication data for: The Great Housing Boom of China

Version
1
Resource Type
Dataset
Creator
  • Chen, Kaiji
  • Wen, Yi
Publication Date
2017-01-06
Description
  • Abstract

    China's housing prices have been growing nearly twice as fast as national income over the past decade, despite a high vacancy rate and a high rate of return to capital. This paper interprets China's housing boom as a rational bubble emerging naturally from its economic transition. The bubble arises because high capital returns driven by resource reallocation are not sustainable in the long run. Rational expectations of a strong future demand for alternative stores of value can thus induce currently productive agents to speculate in the housing market. Our model can quantitatively account for China's paradoxical housing boom.
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20140234 (Text)
Publications
  • Chen, Kaiji, and Yi Wen. “The Great Housing Boom of China.” American Economic Journal: Macroeconomics 9, no. 2 (April 2017): 73–114. https://doi.org/10.1257/mac.20140234.
    • ID: 10.1257/mac.20140234 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Chen, Kaiji; Wen, Yi (2017): Replication data for: The Great Housing Boom of China. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114102V1