Rural-Urban Migration, Structural Transformation, and Housing Markets in China
通过动态空间均衡模型，研究2000年后中国城市化、结构转型与住房繁荣的互动关系，发现城市化推动房价上涨，而高房价反过来阻碍经济转型，土地供应扩张可缓解这一负反馈。
This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transformation emerge as key drivers of China's house price boom, while at the same time rising house prices impede these forces of economic transition. Policies to boost urbanization can be undone by the endogenous price response. Land supply expansion ameliorates this negative feedback. Overall, housing markets powerfully shape the path of economic development.