Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market
利用交易数据研究外国房地产资本流入对美国本地的影响，发现2008年后中国购房激增推高就业但导致低收入居民被置换，揭示了资本流入刺激经济与引发绅士化的双重效应。
Abstract This paper studies the real effects of foreign real estate capital inflows. Using transaction-level data, we document (i) a “China shock” in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008, and (ii) “home bias” in these purchases, as they concentrate in neighborhoods historically populated by ethnic Chinese. Exploiting their temporal and spatial variation, we find that these capital inflows raise local employment, with the effect transmitted through a housing net worth channel. However, they displace local lower-income residents. Our results show that real estate capital inflows can both stimulate the real economy and induce gentrification.