scholarly journals Economic Impact of the High-Speed Railway on Housing Prices in China

2018 ◽  
Vol 10 (12) ◽  
pp. 4799 ◽  
Author(s):  
Yuxiang Wang ◽  
Xueli Liu ◽  
Feng Wang
Keyword(s):  
High Speed ◽  
Synergistic Effects ◽  
Housing Prices ◽  
Housing Price ◽  
Quantitative Relationship ◽  
Economic Effects ◽  
High Speed Railway ◽  
Central Cities ◽  
Price Growth ◽  
Regional Imbalance

This study investigated whether and to what extent does the High-Speed Railway (HSR) affect city-level housing prices. With the data of HSR operation and housing prices from 285 cities from 2009 to 2017, the paper aimed to estimate the quantitative relationship between HSR and city-level housing prices and exploited city and regional dummy variables to assess the disparities between regions, followed by the economic effects between typical city pairs. Our findings were as follows: (1) The introduction of HSR leads to a 13.9% increase in city-level housing prices, and the figures for national central cities and regional central cities were 31.7% and 19.6%, respectively; (2) regional imbalance was mitigated with the development of the HSR, and some central cities in underdeveloped regions were stimulated with regard to housing price growth; (3) siphon effects and diffusion effects were observed in megacity–small city pairs, while synergistic effects often lay in megacity–megacity pairs, and such effects all tended to be more significant with increases in the number of HSR lines and a drop in the travel time.

Impacts of high-speed railway on the industrial pollution emissions in China

Kybernetes ◽  
2020 ◽  
Vol 49 (11) ◽  
pp. 2713-2735 ◽  
Author(s):  
Xiaomin Fan ◽  
Yingzhi Xu ◽  
Yongqing Nan ◽  
Baoli Li ◽  
Haiya Cai
Keyword(s):  
Environmental Effects ◽  
Industrial Pollution ◽  
High Speed ◽  
Assessment Method ◽  
Economic Effects ◽  
High Speed Railway ◽  
Central Cities ◽  
Content Type ◽  
Pollution Emissions ◽  
The Impact

Purpose The purpose of this paper is to analyse the impact of high-speed railway (HSR) on industrial pollution emissions using the data for 285 prefecture-level cities in China from 2004 to 2016. Design/methodology/approach The research method used in this paper is the multi-period difference-in-differences (DID) model, which is an effective policy effect assessment method. To further address the issue of endogeneity, the DID integrated with the propensity score matching (PSM-DID) approach is employed to eliminate the potential self-selection bias. Findings The results show that the HSR has significantly reduced industrial pollution emissions, which is validated by several robustness tests. Compared with peripheral cities, HSR exerts a greater impact on industrial pollution emissions in central cities. In addition, the mechanism test reveals that the optimised allocation of inter-city industries is an important channel for HSR to mitigate industrial pollution emissions, and this is closely related to the location of HSR stations. Originality/value Previous studies have paid more attention to evaluating the economic effects of HSR, however, most of these studies overlook its environmental effects. Consequently, the impact of HSR on industrial pollution emissions is led by using multi-period DID models in this paper, in which the environmental effects are measured. The results of this paper can provide a reference for the pollution reduction policies and also the coordinated development of economic growth and environmental quality.

scholarly journals High-speed Urbanization and Housing Bubbles

CONVERTER ◽  
2021 ◽  
pp. 398-407
Author(s):  
Yao Pang, Yancheng Fan, Meng Ye
Keyword(s):  
High Speed ◽  
Housing Prices ◽  
Housing Price ◽  
Expected Returns ◽  
Economic Stability ◽  
Short Term ◽  
Housing Investment ◽  
Price Growth ◽  
Housing Bubbles ◽  
The Impact

With China's high-speed urbanization, the housing demands and housing prices have increased rapidly in major cities. By combining the classical bubble theory with investors’ short-term decisions, we propose a method to simulate bubbles' rising and bursting process in a multi-sector economy. We find that when urbanization goes too fast, the housing price growth rate will exceed the industrial interest rate, causing enterprises to buy houses. Enterprises’ housing investment further increases the expected returns of housing investment, attracting more investment and leads to housing bubbles. The faster the speed of urbanization, the higher the housing price grows, the longer the bubble cycle, and the greater the impact on the economy when bubbles burst. Continued urbanization cannot prevent bubbles from bursting. To ensure economic stability, the pace of urbanization needs to be limited.

scholarly journals School Desegregation and Urban Change: Evidence from City Boundaries

2012 ◽  
Vol 4 (1) ◽  
pp. 85-108 ◽  
Author(s):  
Leah Platt Boustan
Keyword(s):  
Public Schools ◽  
Metropolitan Areas ◽  
Housing Prices ◽  
Housing Price ◽  
Urban Housing ◽  
Urban Residents ◽  
Urban Residence ◽  
Tax Base ◽  
Central Cities ◽  
The City

I examine changes in the city-suburban housing price gap in metropolitan areas with and without court-ordered desegregation plans over the 1970s, narrowing my comparison to housing units on opposite sides of district boundaries. Desegregation of public schools in central cities reduced the demand for urban residence, leading urban housing prices and rents to decline by 6 percent relative to neighboring suburbs. Aversion to integration was due both to changes in peer composition and to student reassignment to nonneighborhood schools. The associated reduction in the urban tax base imposed a fiscal externality on remaining urban residents. (JEL H75, I21, I28, J15, R23, R31)

The influence of land use regulation on the probability that low-income neighbourhoods will gentrify

Urban Studies ◽  
2020 ◽  
pp. 004209802094016
Author(s):  
Susane Leguizamon ◽  
David Christafore
Keyword(s):  
Land Use ◽  
Low Income ◽  
Housing Prices ◽  
Housing Price ◽  
Lower Probability ◽  
Land Use Regulation ◽  
Lower Income ◽  
Housing Projects ◽  
The Us ◽  
Price Growth

The divergence in housing price growth in the US in coastal cities relative to inland cities has been thought to occur, in large part, due to severe housing regulations and restrictions on development. Researchers have posited that this trend implies that these heavily regulated cities are experiencing higher incidences of gentrification. However, the gentrification of lower-income communities may be negatively influenced by restrictive regulations rather than positively, as is the case with overall housing price growth. This may occur if restrictions make it more difficult to improve housing structures and engage in new housing projects. We use data from over 12,000 census tracts to analyse the relationship between land use regulations and the probability an area will undergo gentrification in the years 2000 to 2010. By separating the influence of higher levels of regulation on overall housing price growth from the likelihood that a lower-income neighbourhood will gentrify, we find that regulation has opposing forces. While increased levels of regulation are associated with an almost 10% greater increase in overall housing prices, they are also associated with a three to four percentage-point lower probability that a lower-income tract will experience gentrification, contrary to previous conclusions.

scholarly journals The Impact of High-Speed Rail on Housing Prices: Evidence from China’s Prefecture-Level Cities

2019 ◽  
Vol 11 (13) ◽  
pp. 3681
Author(s):  
Rong Wang ◽  
Li Ye ◽  
Liwen Chen
Keyword(s):  
High Speed ◽  
Rapid Development ◽  
Housing Prices ◽  
Housing Price ◽  
Significance Test ◽  
Chinese Government ◽  
High Speed Rail ◽  
Local Conditions ◽  
Rail Line ◽  
The Impact

The rapid development of the high-speed rail (HSR) network enhanced the regional accessibility between cities, drove the rise in cities’ investment levels, and expanded the activity radius of the labor force, causing changes in housing prices along the rail lines. Based on panel data of 285 cities in China from 2008–2016, this study used the difference-in-difference based on propensity score matching (PSM-DID) method to calculate the impact of HSR on housing prices. The conclusions of the study indicated that, at the regional level, HSR significantly promoted the rise in housing prices in HSR cities along the rail line. HSR had a positive effect on housing prices, where the coefficient of HSR influence was 0.1511 and passed a 1% significance test. From the perspective of the combination of sub-regional and sub-city scales, HSR mainly played a significant role in promoting housing prices in “small and medium-sized cities” and “central and western cities”, especially in small and medium-sized cities in the central and western regions; in general, HSR can narrow the housing price gap between “small and medium-sized HSR cities” in the central and western regions and large HSR cities in the east region. Lastly, the results of the intermediary mechanism test showed that the income level of residents and employment levels played an intermediary role in the influence of HSR on the housing prices of cities along the rail line. Thus, this paper suggests that the Chinese government needs to formulate housing price control policies that suit local conditions according to the characteristics of different cities.

scholarly journals The Returns to Lobbying: Evidence from Local Governments in the “Age of Earmarks”

2019 ◽  
Vol 47 (5) ◽  
pp. 893-924
Author(s):  
Steven Gordon
Keyword(s):  
Growth Rates ◽  
Strong Correlation ◽  
Local Governments ◽  
Housing Prices ◽  
Property Tax ◽  
Housing Price ◽  
Housing Crisis ◽  
Time Period ◽  
Price Growth

I measure the returns to lobbying for US local governments in terms of federal earmarks. Because a local government’s decision to lobby may be endogenous to receiving an earmark, I instrument for lobbying with local housing prices. Since the time period of my analysis covers the Housing Crisis, I argue that the variation in housing prices over this time was largely exogenous to federal earmark distributions. The strong correlation that I find between housing price growth rates and lobbying provides evidence that local governments lobbied to buffer against impending property tax losses. I find no evidence that lobbying is associated with increased earmark awards overall. However, conditional on selection into receiving an earmark, I do find evidence that lobbying served to increase the size of earmark awards.

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