Housing Boom,Dutch Disease,and the Decline in China's Manufacturing Exports
作者机构:School of EconomicsFujian Normal UniversityChina School of EconomicsNankai UniversityChina
出 版 物:《China & World Economy》 (中国与世界经济(英文版))
年 卷 期:2023年第31卷第3期
页 面:205-229页
核心收录:
学科分类:0202[经济学-应用经济学] 02[经济学] 0201[经济学-理论经济学] 020205[经济学-产业经济学]
主 题:Dutch disease housing boom manufacturing export resource movement effect spendingeffect
摘 要:Drawing on Dutch disease theory,we assess how the recent housing boom has contributed to a decline in China s manufacturing *** Chinese city and enterprise panel data from 2004 to 2013,our analysis reveals that Dutch disease indeed exists and that the housing price increase has played a very important role in affecting China s manufacturing exports through two key channels:resource movement effect and spending ***,this paper found that:(i)the housing price increase hindered labor flowing into China s manufacturing industry(resource movement efect)and caused higher inflation(spending effect);(ii)the housing boom clearly impeded China s manufacturing exports,especially after the outbreak of the global economic crisis in 2008;(ii)the impacts of the housing price increase on China s manufacturing exports were heterogenous,and were more significant for labor-intensive manufacturing businesses,businesses that were foreign owned,less R&D intensive,or located in the central and western regions.