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    The Impact of Exogenous Demand Shock on the Housing Market: Evidence from the Home Purchase Restriction Policy in the People's Republic of China

    Cao, Xiaping; Huang, Bihong; Lai, Rose Neng | March 2018
    Abstract
    In order to deal with the rampant increase in housing prices, the Government of the People’s Republic of China implemented the home purchase restriction (HPR) policy to curb speculation and prevent housing bubbles. This policy triggered an exogenous demand shock to the housing market. Employing a two-step difference-in-differences approach, we find significantly negative policy effects on property transaction volume but a small impact on housing prices. Cities relying heavily on land sales for fiscal revenue experience a considerably higher increase in property investments after implementation of the HPR policy.
    Citation
    Cao, Xiaping; Huang, Bihong; Lai, Rose Neng. 2018. The Impact of Exogenous Demand Shock on the Housing Market: Evidence from the Home Purchase Restriction Policy in the People's Republic of China. © Asian Development Bank Institute. http://hdl.handle.net/11540/8108.
    Keywords
    Rural planning
    Economic development
    Economic indicators
    Standard of living
    Development projects
    Development policy
    Housing projects
    Development models
    Social reform
    Urban planning
    Public Borrowing
    Credit Policy
    Banks
    Cultural Development
    Development Economics
    Development Issues
    Financial Sector Development
    Infrastructure Development
    Urban Development Finance
    Financing
    Financial System
    Financial Sector Reform
    Financial Institution
    Bank Financing
    Real estate development
    Housing development
    Community banks
    Mortgage banks
    Housing policy
    Tax administration and procedure
    Real property and taxation
    Property tax
    Credit control
    Banks and banking
    Title companies
    Tax deductions
    Accounts
    Savings
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    Citable URI
    http://hdl.handle.net/11540/8108
    Metadata
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    adbi-wp824.pdf (604.0Kb)
    Author
    Cao, Xiaping
    Huang, Bihong
    Lai, Rose Neng
    Theme
    Development
    Finance
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise