房价、工资与资源配置效率——基于微观家庭数据的实证分析

Journal of Financial Research

2018, Vol. 458

Issue (8): 69-84 DOI:

Current Issue | Archive | Adv Search

Housing Price, Wage and Resource Allocation Efficiency:A Family-level Empirical Analysis

ZHANG Wei, XU Jiayun, YANG Zhusong

School of Public Policy ＆ Management, Tsinghua University;
APEC Study Center, Nankai Universit

Abstract
Figure/Table
References
Related Citation (13)

Download:

PDF (1588KB)
Export: BibTeX | EndNote (RIS)

Abstract Rocketing housing prices and the consequent unaffordability of houses have become hot social topics. Against this backdrop, this paper uses the micro-data of urban households in China to systematically study the impact of housing prices on local household wages, the mechanism of impacts as well as its impact on local resource allocation efficiency. The study found that the rising house price significantly increases the average wage of local residents through “cost of living effect” and “leisure substitution effect”. Meanwhile, considered that the rising wages that are not based on labor productivity will worsen the efficiency of resource allocation, the paper further explores the relations among housing price, wage and allocation of resources from the perspective of capital labor ratio and factor price distortion. It found that the wage increase caused by housing price rise indeed leads to excessive capital deepening and industrial upgrading, and thus reduces the efficiency of local resource allocation. This research provides family-level micro empirical evidence for the impact of housing prices on local household wages.

Key words： Housing Price Wage Relative Resource Price Distortion Resource Allocation Efficiency

Received: 01 February 2018 Published: 01 November 2018

JEL分类号:	J30
	D39
	D10

	Service
	E-mail this article
	Add to my bookshelf
	Add to citation manager
	E-mail Alert
	RSS
	Articles by authors
	ZHANG Wei
	XU Jiayun
	YANG Zhusong

Cite this article:

ZHANG Wei,XU Jiayun,YANG Zhusong. Housing Price, Wage and Resource Allocation Efficiency:A Family-level Empirical Analysis[J]. Journal of Financial Research, 2018, 458(8): 69-84.

URL:

http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2018/V458/I8/69

[1]	陈斌开、金箫和欧阳涤非,2015,《住房价格、资源错配与中国工业企业生产率》,《世界经济》第4期,第77~98页。
[2]	陈斌开和杨汝岱,2013,《土地供给、住房价格与中国城镇居民储蓄》,《经济研究》第1期,第110~122页。
[3]	陈斌开和张川川,2016,《人力资本和中国城市住房价格》,《中国社会科学》第5期,第43~64页。
[4]	邓健和张玉新,2011,《房价波动对居民消费的影响机制》,《管理世界》第4期,第171~172页。
[5]	范剑勇、莫家伟和张吉鹏,2015,《居住模式与中国城镇化——基于土地供给视角的经验研究》,《中国社会科学》第4期,第44~63页。
[6]	高波、陈健和邹琳华,2012,《区域房价差异、劳动力流动与产业升级》,《经济研究》第1期,第66~78页。
[7]	李玉杰和王庆石,2010,《房地产业对相关产业带动效应的国际比较研究》 ,《世界经济与政治论坛》第6期,第79~91页。
[8]	陆铭、张航和梁文泉,2015,《偏向中西部的土地供应如何推升了东部的工资》,《中国社会科学》第5期,第59~84页。
[9]	邵朝对、苏丹妮和邓宏图,2016,《房价、土地财政与城市集聚特征:中国式城市发展之路》,《管理世界》第2期,第19~31页。
[10]	王小鲁、樊纲和刘鹏,2009,《中国经济增长方式转换和增长可持续》,《经济研究》第1期,第4~16页。
[11]	吴伟平、章元和刘乃全,2016,《房价与女性劳动参与决策——来自CHNS数据的证据》,《经济学动态》第11期,第57~67页。
[12]	谢洁玉、吴斌珍、李宏彬和郑思齐,2012,《中国城市房价与居民消费》,《金融研究》第6期,第13~27页。
[13]	徐建炜、徐奇渊和何帆,2012,《房价上涨背后的人口结构因素:国际经验与中国证据》,《世界经济》第1期,第24~42页。
[14]	张莉、何晶和马润泓,2017,《房价如何影响劳动力流动？》,《经济研究》第8期,第155~170页。
[15]	张连城、赵家章和张自然,2012,《高生活成本拖累城市生活质量满意度提高——中国35个城市生活质量调查报告(2012)》,《经济学动态》第7期,第25~34页。
[16]	张杰、杨连星和新夫,2016,《房地产阻碍了中国创新么？——基于金融体系贷款期限结构的解释》,《管理世界》第5期,第64~79页。
[17]	张军、吴桂英和张吉鹏,2004,《中国省际物资资本存量估算:1952-2000》,《经济研究》第10期,第35~44页。
[18]	Brandt, L., Van Biesebroeck, J., and Y. Zhang. 2012. “Creative Accounting or Creative Destruction? Firm-level Productivity Growth in Chinese Manufacturing”, Journal of Development Economics, 97(2): 339~351.
[19]	Chamon, M. D., and E. S. Prasad. 2010. “Why are Saving Rates of Urban Households in China Rising?”, American Economic Journal: Macroeconomics, 2(1): 93~130.
[20]	Farnham, M., and P. Sevak. 2016. “Housing Wealth and Retirement Timing”, CESifo Economic Studies, 62(1): 26~46.
[21]	Fu, S., Liao, Y., and J. Zhang. 2016. “The Effect of Housing Wealth on Labor Force Participation: Evidence from China”, Journal of Housing Economics, 33: 59~69.
[22]	Han, L., and M. Lu. 2017. “Housing Prices and Investment: An Assessment of China’s Inland-favoring Land Supply Policies”, Journal of the Asia Pacific Economy, 22(1): 106~121.
[23]	Helpman, E. 1998. “The Size of Regions”, Topics in Public Economics: Theoretical and Applied Analysis : 33~54.
[24]	Henley, A. 2004. “House Price Shocks, Windfall Gains and Hours of Work: British Evidence”, Oxford Bulletin of Economics and Statistics, 66(4): 439~456.
[25]	Hanson, G. H. 2005. “Market Potential, Increasing Returns and Geographic Concentration”, Journal of International Economics, 67(1): 1~24.
[26]	Hsieh, C. T., and P. J. Klenow. 2009. “Misallocation and Manufacturing TFP in China and India”, The Quarterly Journal of Economics, 124(4): 1403~1448.
[27]	Krugman, P. 1991. “Increasing Returns and Economic Geography”, Journal of Political Economy, 99(3): 483~499.
[28]	Rabe, B., and M. P. Taylor. 2012. “Differences in Opportunities? Wage, Employment and House‐price Effects on Migration”, Oxford Bulletin of Economics and Statistics, 74(6): 831~855.