题　目：Mobility and Housing: Cash Resettlement in China's Shantytown Renovation

嘉　宾：Yang Su 助理教授 香港中文大学

主持人：张澄宇 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年5月28日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰浩然楼306室

内容简介:

How does relaxing household borrowing constraint affect housing markets in models with endogenous migration? We answer this question by exploiting the implementation of shantytown renovation program with cash-based resettlement in China during 2015-18. We find empirical evidence that the cash resettlement has led to more intercity migration and increased house price in the destination cities due to increasing demand from immigrants. The effect mainly occurs between city-pairs with larger house price gap between destination and originating cities in 2014, consistent with the view that a relaxation of borrowing constraints allows household to migrate to previously less affordable cities. Endogenous migration matters for the effect of relaxing household financial constraint as households are more likely to face binding constraints to buy houses at desired cities. We quantify the program effect with a dynamic spatial model with endogenous migration and collateral constraint. The model shows that the program has increased the country-wide house price by XXX. In a model without migration, the effect would have been XXX.

演讲人简介：

Yang Su is an assistant professor of finance at the Chinese University of Hong Kong Business School.

My main research interests include banking, real estate, public finance and Chinese economy. In my current research agenda, I focus on municipal finance and the interactions with the judicial system, real estate market and the real economy. I also study the efficiency and competition in the banking sector and more recently start to exploit how AI could shape the banking industry. I received my PhD degress in Finance from Unviersity of Chicago Booth School of Business in 2023.

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