What Drove Housing Wealth Inequality in China?

2021 ◽  
Vol 29 (1) ◽  
pp. 32-60
Author(s):  
Guanghua Wan ◽  
Chen Wang ◽  
Yu Wu
Keyword(s):  
Wealth Inequality ◽  
Housing Wealth

Working from home and long-term housing wealth inequality in large cities of advanced economies

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Reza Tajaddini ◽  
Hassan F. Gholipour ◽  
Amir Arjomandi
Keyword(s):  
Wealth Inequality ◽  
Developed Countries ◽  
Housing Demand ◽  
Working Environment ◽  
Housing Wealth ◽  
Content Type ◽  
Large Cities ◽  
Working From Home ◽  
Advanced Economies

Purpose The purpose of this study is to explain the potential long-term impacts of working from home on housing wealth inequality in large cities of advanced economies. Design/methodology/approach This study is descriptive research and It supports the arguments by providing some emerging evidence from property markets in developed countries. Findings The authors argue that due to the unique nature of the COVID-19 crisis, it will have a different and long-term impact on housing wealth inequality. Changes in the working arrangements of many professionals will change the housing demand dynamic across different suburbs and may lead to a reduction of the housing wealth gap in the long term. In this paper, the authors propose five mechanisms that may impact housing wealth inequality. Research limitations/implications Long-term data is required to test the proposed conceptual model in this study and the effect of the COVID-19 pandemic on housing wealth across and within suburbs of large cities. Practical implications Policymakers and regulators may benefit from the discussions and suggestions provided in this study and consider the proposed avenues on how new changes in the working environment (remote working) may result in a reduction of housing wealth inequality. Originality/value This study presents a new perspective about the potential long-term impacts of working from home that is posed by the COVID-19 pandemic on housing wealth inequality in large cities of developed economies.

Housing wealth inequality in China: An urban-rural comparison

Cities ◽  
2020 ◽  
Vol 96 ◽  
pp. 102428 ◽  
Author(s):  
Yourong Wang ◽  
Yuyao Li ◽  
Youqin Huang ◽  
Chengdong Yi ◽  
Jianyu Ren
Keyword(s):  
Wealth Inequality ◽  
Housing Wealth ◽  
Urban Rural

scholarly journals Post-crisis developments in young adults’ housing wealth

2021 ◽  
Vol 31 (5) ◽  
pp. 580-596
Author(s):  
Caroline Dewilde ◽  
Lindsay B. Flynn
Keyword(s):  
Young Adults ◽  
Housing Market ◽  
Wealth Inequality ◽  
The United States ◽  
Capital Gains ◽  
Housing Wealth ◽  
Inequality Measures ◽  
Consumer Finances ◽  
Profile Changes ◽  
Gains And Losses

How has housing wealth inequality changed for young-adult households in the post-financial crisis period, and what is driving such change? We chart a path for subsequent studies by analysing the previously unexamined post-crisis housing wealth profile of young adults via different angles and using multiple inequality measures. Using household micro-data for 11 European countries ( Household Finance and Consumption Survey, 2010–2017) and the United States ( Survey of Consumer Finances, 2010–2016), we find that the accumulation of housing assets for 22–44 year olds is unevenly concentrated among high-income homeowners, over and above what would be expected given the well-known decline in homeownership. We describe and assess several potential drivers for these wealth profile changes, finding that the current explanations offered in the literature do not adequately account for the unequal wealth profile of young people. We conclude that a mix of dynamics, including housing market volatility, housing market configurations leading to uneven capital gains and losses, and the increased social selectivity of homeownership intersect to shape the ways that young adults navigate the housing market in post-crisis times.

scholarly journals Difference in Housing Finance Usage and Its Impact on Housing Wealth Inequality in Urban China

Land ◽  
2021 ◽  
Vol 10 (12) ◽  
pp. 1404
Author(s):  
Shan Yu ◽  
Can Cui
Keyword(s):  
Wealth Inequality ◽  
Urban China ◽  
Wealth Accumulation ◽  
Housing Wealth ◽  
Asset Accumulation ◽  
Urban Hierarchy ◽  
Household Asset ◽  
Financing Channels ◽  
Spatial Stratification

With the increasing importance of financial loans in home purchases in urban China, the role of housing loans in the accumulation of housing wealth needs to be unraveled. Using the data from the 2017 China Household Finance Survey (CHFS), this study investigates the use of housing loans and their impact on housing wealth inequality. It has been found that people with higher socioeconomic status and institutional advantages benefit more from housing provident fund loans and are more likely to fully invoke different financing channels to accumulate housing wealth. On the contrary, disadvantaged groups have to resort to costly market-based mortgages to finance their home purchases. This leads them to fall further behind in housing wealth accumulation. The spatial stratification of housing wealth accompanying the urban hierarchy was also observed and found to be closely linked to the type of housing loans. In this increasingly financialized era, relying on financial instruments in the process of household asset accumulation may further amplify the existing wealth inequality among social groups.

scholarly journals Housing wealth inequality in urban China: the transition from welfare allocation to market differentiation

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Chunling Li ◽  
Yiming Fan
Keyword(s):  
Social Stratification ◽  
Wealth Inequality ◽  
Market Transition ◽  
Urban China ◽  
Housing Wealth ◽  
Market Mechanisms ◽  
Social Survey ◽  
Institutional Effect ◽  
New Perspective ◽  
Housing Assets

Abstract The differentiation of housing assets is an important embodiment of wealth inequality and is also an important dimension of social stratification. The housing distribution in China has experienced a transition from welfare allocation to market distribution over the decades. This process has led to a change in the housing stratification mechanism and widened housing wealth inequality, which has evoked theoretical disputes about “market transition,” “power persistence,” and “power derivation.” Based on the 2017 Chinese Social Survey (CSS), this article examines the housing wealth inequality in urban China and probes the major drivers of housing stratification. The results suggest that with the progress of housing marketization, market mechanisms have replaced the original socialist redistribution mechanisms and have become the major drivers of housing wealth inequality. However, some of the original socialist institutional arrangements continue to have strong effects on housing wealth inequality. The persisting institutional effect may provide a new perspective for exploring housing wealth inequality in contemporary urban China.

scholarly journals Wealth, Top Incomes, and Inequality

2017 ◽  
Author(s):  
Frank Cowell ◽  
Brian Nolan ◽  
Javier Olivera ◽  
Philippe Van Kerm
Keyword(s):  
Life Cycle ◽  
Wealth Inequality ◽  
Housing Wealth ◽  
Joint Distributions ◽  
Top Incomes ◽  
The Us ◽  
Top Income Shares ◽  
Key Concepts ◽  
Life Cycle Patterns

Although it is heartening to see wealth inequality being taken seriously, key concepts are often muddled, including the distinction between income and wealth; what is included in ‘wealth’; and facts about wealth distributions. This chapter highlights issues that arise in making ideas and facts about wealth inequality precise, and employs newly available data to take a fresh look at wealth and wealth inequality in a comparative perspective. The composition of wealth is similar across countries, with housing wealth being the key asset. Wealth is considerably more unequally distributed than income, and it is distinctively so in the US. Extending definitions to include pension wealth, however, reduces inequality substantially. Analysis also sheds light on life-cycle patterns and the role of inheritance. Discussion of the joint distributions of income and wealth suggests that interactions between increasing top-income shares and the concentration of wealth and income from wealth towards the top are critical.

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