Capital Inflows and Property Prices: Ethnicity, Education, and Spillovers
研究中国资本外流对美国及全球大都市区住宅价格和实体经济的影响，发现流入显著推高了与中国有族裔联系或中国学生目的地地区的房价和就业，并存在地理溢出效应。
Abstract China has experienced significant capital flight over the past two decades. Despite anecdotal evidence that some of this capital has been invested in foreign residential markets, not much is known about its destination and impact. We examine the effects of capital inflows from China on residential property prices and the real economy in the USA and global metropolitan areas. We show that inflows had significant effects on residential property markets and employment in regions that i) have strong ethnic ties to China and ii) are destinations of Chinese students. We document spillovers to geographically adjacent regions without strong Chinese links.