This paper tries to approach the impact of China's booming housing market in the past 15 years, with a focus on the impact of the capital crowding out effect on other productive sector, and possible labor reallocation across different sectors. The paper contributes to the heated discussion of China's booming housing market in two aspects. First, it investigates the impact of a booming housing market within the framework of a country in transition, a critical feature of current China, defined as mass labor reallocating from the state-owned enterprises (SOEs) to private sectors. Second, an innovative instrument was created by combining satellite image data and administrative data to identify casual relationship.
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Ph.D. Student, Agricultural and Resource Economics
Yaxi is a PhD candidate in ARE. Her research interests lie in development economics, household finance and labor economics. Her current work relates closely to the housing market in China, where she tries to explore the positional good feature of housing asset, the causal impact of housing boom on other productive sector and labor market outcomes, and the link to a widening wealth gap.