期刊
CHINA ECONOMIC REVIEW
卷 60, 期 -, 页码 -出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.chieco.2019.101400
关键词
Real estate boom; Resource misallocation; Productivity dispersion; Manufacturing industries
类别
资金
- Jiangsu Philosophy and Social Science Research Grant for Universities
- Jiangsu Provincial Department of Education [2019SJA0346]
- National Natural Science Foundation of China [71873120, 71672177]
- Zhejiang Provincial Natural Science Foundation of China [LY18G030004, LY16G030007]
- Qianjiang Talent Program of Zhejiang Province [QJC1602009]
- Hengyi Foundatation at Zhejiang University
Resource misallocations between firms have been found to have substantial impacts on the aggregate total factor of productivity. This study examines the impacts of a real estate boom on resource misallocations. We propose that real estate booms drive up demand in real estate-linked industries and that these 'windfall' demand spillovers reduce intra-industry competition and increase productivity inequality within industries. Using the difference-in-differences approach, we document that industries that are more linked to the real estate sector experienced increased dispersion in firm productivity in the post-boom era. Real estate booms therefore increase intraindustry resource misallocation.
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