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Capital Inflows and Property Prices: Ethnicity, Education, and Spillovers

Author

Listed:
  • Dasgupta, Sudipto
  • Chang, Yuk Ying

Abstract

China has experienced significant capital flight over the last two decades. Despite anecdotal evidence that some of this capital has been invested in foreign residential markets, not much is known from academic research about its destination and impact. We examine the effects of capital inflows from China on residential property prices and the real economy in the U.S. and global metropolitan areas. We show that inflows had significant effects on residential property markets and employment in regions that (a) have strong ethnic ties to China and (b) are destinations of Chinese students. We document spillover effects to other regions.

Suggested Citation

  • Dasgupta, Sudipto & Chang, Yuk Ying, 2021. "Capital Inflows and Property Prices: Ethnicity, Education, and Spillovers," CEPR Discussion Papers 16146, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:16146
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    More about this item

    Keywords

    Capital flight; Housing prices; Employment; Deposits; Ethnic ties; Educational links; Spillovers;
    All these keywords.

    JEL classification:

    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General

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