Import Competition and Household Debt
利用中国加入WTO带来的进口竞争冲击，研究显示制造业受进口竞争影响大的地区家庭债务显著增加，主要通过房屋净值提取实现，且集中在房价上涨快的区域。
ABSTRACT We analyze the effect of import competition on household balance sheets using individual data on consumer finances. We exploit variation in local industry exposure to foreign competition to study households' response to the income shock triggered by China's accession to the World Trade Organization. We show that household debt increases significantly in regions where manufacturing industries are more exposed to import competition. The effects are driven by home equity extraction and are concentrated in areas with strong house price growth. Our results highlight the role played by mortgage markets in absorbing displacement shocks triggered by globalization.