Suchergebnisse

AbstractAir pollution is a major environmental issue in China. This paper exploits the relocation of two major power plants in a large Chinese city as a quasi-natural experiment to examine the effect of changes in the quality of the environment on the housing market. We use an extensive transaction dataset of new apartment units in the affected and neighboring areas. We find that the plants' closure is associated with a 12–14% increase in prices and 13–31% rise in the volume of transactions in neighborhoods within five kilometers of the plants. We further observe a higher change in prices among more expensive houses. The estimated monthly aggregate effect of the closures on the local housing market is over 50 million US dollars during the first 2 years after the relocations.

Since the beginning of the 21st century, China has been going through a period of dramatically fast economic development. What is the real life of the Chinese like under China's continued rapid GDP growth? How rich are the rich and how poor are the poor? This book provides first-hand data on Chinese households' living standards, which may answer the above questions to some extent. The Survey and Research Center for China Household Finance conducted the first and only nationally representative survey on household finance in China in 2011. Based on the results from the China Household Finance Survey (CHFS), this book presents an analysis of the micro-level information on China households' demographics, housing and financial assets, debt and credit constraints, income and expenditures, social welfare and insurance, intergenerational transfer payments, employment and payment habits. The readers can get a vivid picture of wealth disparity, real estate market developments, social welfare status, household financial behaviors and other economic issues in present-day China. About the review: The Publication of Research Report of China Household Finance Survey · 2012 is a significant event in the field of economics and finance. I hope that academic research institutions will produce a large number of high quality papers based on the further study of this report. I also hope the survey report will make a great contribution to government policy making and the development of financial market. Jianhua Zhang Head of Research Bureau of The People's Bank of China The China Household Finance Survey (CHFS) is an in-house interview survey with a large influence in China. The CHFS's sample includes both urban and rural households, which is very important to the study of the overall household finance of China. Hongbin Li Economist, Professor of Tsinghua University For more information, please visit www. chfsdata. org