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How Housing Price Fluctuation Affects Resource Allocation: Evidence from China

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  • Huadong Zhou
  • Yichuan Wang
  • Lingling Gao
  • Huaqing Wu

Abstract

A large number of recent proofs indicate the irrationality of optimal resource allocation assumption in traditional economic growth theory, wherein resource misallocation (misallocation of capital and labor among heterogeneous enterprises) is regarded as the important reason for the difference in total factor productivity (TFP). In this article, we study resource allocation from the perspective of housing price, and measure the resource allocation efficiency of industrial enterprises in China based on industrial enterprises database covering the period of 1999–2007. We find that to some extent rising housing price has ameliorated resource allocation efficiency in China recently. We further find that rising housing price ameliorates resource allocation mainly in Central and Western areas and in labor-intensive industries.

Suggested Citation

  • Huadong Zhou & Yichuan Wang & Lingling Gao & Huaqing Wu, 2020. "How Housing Price Fluctuation Affects Resource Allocation: Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(13), pages 3084-3094, October.
    • Handle: RePEc:mes:emfitr:v:56:y:2020:i:13:p:3084-3094
    DOI: 10.1080/1540496X.2019.1608521
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    Cited by:

    1. Yu, Liangliang & Cai, Yinying, 2021. "Do rising housing prices restrict urban innovation vitality? Evidence from 288 cities in China," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 276-288.

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