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Title: Rural-urban migration, structural transformation, and housing markets in China
Authors: Garriga, Carlos
Hedlund, Aaron
Tang, Yang
Wang, Ping
Keywords: Social sciences::Economic development
Issue Date: 2023
Source: Garriga, C., Hedlund, A., Tang, Y. & Wang, P. (2023). Rural-urban migration, structural transformation, and housing markets in China. American Economic Journal: Macroeconomics, 15(2), 413-440.
Journal: American Economic Journal: Macroeconomics 
Abstract: This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transformation emerge as key drivers of China’s house price boom, while at the same time rising house prices impede these forces of economic transition. Policies to boost urbanization can be undone by the endogenous price response. Land supply expansion ameliorates this negative feedback. Overall, housing markets powerfully shape the path of economic development.
ISSN: 1945-7707
DOI: 10.1257/mac.20160142
Schools: School of Social Sciences 
Rights: © 2023 American Economic Association. All rights reserved. This article may be downloaded for personal use only. Any other use requires prior permission of the copyright holder. The Version of Record is available online at
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:SSS Journal Articles

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