Real estate boom and resource misallocation in manufacturing industries: Evidence from China

被引：36
|
作者：
Wu, Yan [1 ]
Heerink, Nico [2 ,3 ]
Yu, Linhui [4 ]
机构：
[1] Nanjing Audit Univ, Sch Econ, Inst Urban Dev, Nanjing 211815, Peoples R China
[2] Wageningen Univ & Res, Dev Econ Grp, NL-6706 KN Wageningen, Netherlands
[3] Nanjing Agr Univ, China Ctr Land Policy Res, Nanjing 210095, Peoples R China
[4] Zhejiang Univ, Sch Econ, Hangzhou 310027, Peoples R China
来源：
CHINA ECONOMIC REVIEW | 2020年 / 60卷
基金：
中国国家自然科学基金;
关键词：
Real estate boom; Resource misallocation; Productivity dispersion; Manufacturing industries; AGGREGATE PRODUCTIVITY; HOUSING BOOM; FIRM; PRICES; TRADE;
D O I：
10.1016/j.chieco.2019.101400
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Resource misallocations between firms have been found to have substantial impacts on the aggregate total factor of productivity. This study examines the impacts of a real estate boom on resource misallocations. We propose that real estate booms drive up demand in real estate-linked industries and that these 'windfall' demand spillovers reduce intra-industry competition and increase productivity inequality within industries. Using the difference-in-differences approach, we document that industries that are more linked to the real estate sector experienced increased dispersion in firm productivity in the post-boom era. Real estate booms therefore increase intraindustry resource misallocation.
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收藏
页数：14
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