@article{1097aac8b86143419c100f1c0647b88b,
title = "Chinese housing market and bank credit",
abstract = "This paper presents an empirical analysis of the determinants of housing prices using the province-level panel data that covers all the regions in China for the period 1999–2015. The bank credit is the primary determinant of housing prices. Remarkably, a one-percentage-point increase in the growth of bank credit leads to a subsequent appreciation in the growth of the housing price by 0.281 %. The sensitivity of bank credit varies across subcategories of buildings, and between the province-level analysis and the city-level analysis.",
keywords = "Bank credit, Chinese economy, Housing price, Panel GMM",
author = "Masaya Sakuragawa and Satoshi Tobe and Mengyuan Zhou",
note = "Funding Information: The authors are greatly thankful to Shin-ichi Fukuda, Masao Ogaki, Shin-ichi Kitasaka, Yongqin Wang, Xu Peng, Huanhuan Zheng, Tomoo Kikuchi, and participants in the conferences and seminars held at the University of Hyogo and the University of Southern California, Los Angeles, Fudan University, Kwansei Gakuin University, and Keio University for their valuable comments. The authors also appreciate participants in the online workshop for a JAE special issue on “Bubbles in Asian Economies.” This research was supported by the Japan Center for Economic Research and the Keio Economic Society . Funding Information: The authors are greatly thankful to Shin-ichi Fukuda, Masao Ogaki, Shin-ichi Kitasaka, Yongqin Wang, Xu Peng, Huanhuan Zheng, Tomoo Kikuchi, and participants in the conferences and seminars held at the University of Hyogo and the University of Southern California, Los Angeles, Fudan University, Kwansei Gakuin University, and Keio University for their valuable comments. The authors also appreciate participants in the online workshop for a JAE special issue on ?Bubbles in Asian Economies.? This research was supported by the Japan Center for Economic Research and the Keio Economic Society. Publisher Copyright: {\textcopyright} 2021 Elsevier Inc.",
year = "2021",
month = oct,
doi = "10.1016/j.asieco.2021.101361",
language = "English",
volume = "76",
journal = "Journal of Asian Economics",
issn = "1049-0078",
publisher = "Elsevier",
}
