Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions

• 成果类型: Article
• 署名作者: Deng, Yinglu; Liao, Li; Yu, Jiaheng; Zhang, Yu
• 署名单位: Tsinghua University; Massachusetts Institute of Technology (MIT); Peking University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhab091
• 发表日期: 2022
• 页码: 3060
• 关键词: consumption evidence; HOME; GROWTH; access; WEALTH; rates; CHINA

摘要

We use a unique quasi-experiment-spillovers from the imposition of purchase restrictions on local housing to nearby unregulated cities-to study the effects of out-of-town housing demand on house prices and consumer spending. While these restrictions effectively stymied the surge in local house prices, they induced capital flight and sharp abnormal increases in house prices in nearby unregulated cities. The effect of the house price increases on consumer spending is positive in the aggregate, but echoing , is redistributive, that is, negative for renters and positive for homeowners.