State Misallocation and Housing Prices: Theory and Evidence from China
研究了国家所有和分配的住房资产私有化对均衡房价的影响，发现私有化前资产错配程度决定了后续价格效应，中国住房改革数据表明消除价格扭曲使家庭增加住房消费并推高房价。
This paper examines the equilibrium price effects of the privatization of housing assets that were previously owned and allocated by the state. I develop a theoretical framework that shows that privatization can have ambiguous effects on prices in the private market, and that the degree of misallocation of the assets prior to privatization determines the subsequent price effects. I test the predictions of the model using a large-scale housing reform in China. The results suggest that the removal of price distortions allowed households to increase their consumption of housing and led to an increase in equilibrium housing prices.