Housing Speculation and Investment in Children’s Education: Evidence from House Purchase Restrictions in China
研究中国购房限制政策对家庭子女教育投资的影响，发现限制政策减少了邻近未限购城市家庭的教育支出，揭示了住房投机对长期人力资本投资的挤出效应。
Abstract Housing and human capital represent two major forms of household wealth. This article investigates the potential for housing speculation to crowd out household investment in children’s education, an endeavor that only pays off in the long run. To address endogeneity concerns, we exploit the unintended spillover effect of staggered house purchase restrictions (HPR) in China. Using a difference-in-differences approach, we find that HPR reduce educational investment of households in nearby unregulated cities. We also provide evidence consistent with a housing speculation channel. These findings shed new light on the socioeconomic consequences of housing market booms.