Journal
FINANCE RESEARCH LETTERS
Volume 43, Issue -, Pages -Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2021.101944
Keywords
COVID-19; Housing price; Infection level; Medical treatment conditions
Categories
Funding
- Project of Humanities and Social Science from MOE of China [18YJC790129, 18YJC790214]
- Program for Innovation Research in Central University of Finance and Economics
- Program of Qilu Young Scholars of Shandong University
- Taishan Scholar Program of Shandong Province
- Project for COVID-19 of School of Economics at Shandong University
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The study shows that COVID-19 has a significant negative impact on housing prices in China, especially in regions with higher infection rates or worse medical conditions.
Using data on monthly community-level confirmed COVID-19 cases and housing price in China, we investigate the impact of COVID-19 on housing price. With the difference-in-difference method, we find that the housing price of the communities with confirmed COVID-19 cases would reduce by 2.47%. The impact persists three months and the extent of the impact basically becomes greater as time goes on. The results are robust after the parallel pre-trend test and the placebo test. Moreover, the impact of COVID-19 on housing price only exists in regions with a higher infection level of COVID-19 or worse medical treatment conditions.
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