{"title":"住房租赁市场的规模能否稳定区域经济波动？来自中国大中城市的证据","authors":"Yu Kong, Junhao Dong","doi":"10.1016/j.habitatint.2024.103189","DOIUrl":null,"url":null,"abstract":"<div><div>The influence of the housing rental market on economic operations is a significant concern. Particularly in China, the rental market has been undergoing a transition from being disregarded to being valued. Based on an analytical framework referencing the three-sector theory of metropolitan economic growth, this study explores the impact of rental market size on regional economic fluctuations and its influence channels using a panel of 69 large and medium-sized cities from 2010 to 2019. The results indicate that increased rental market size is significantly correlated with decreased regional economic fluctuations through housing sales and labor market channels. Specifically, house price depression, house investment stability, labor allocation, and employment stability effects are crucial channels through which the size of the rental market influences regional economic fluctuations. In addition, the marginal effect of rental market size on regional economic fluctuations is smaller in cities with higher economic development. The conclusions imply that policymakers should not focus on how to unilaterally expand the housing rental market, but should strategically compensate for the defects of regional housing rental–related institutional systems.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"153 ","pages":"Article 103189"},"PeriodicalIF":6.5000,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does the size of the housing rental market stabilize regional economic fluctuations? Evidence from China's large- and medium-sized cities\",\"authors\":\"Yu Kong, Junhao Dong\",\"doi\":\"10.1016/j.habitatint.2024.103189\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>The influence of the housing rental market on economic operations is a significant concern. Particularly in China, the rental market has been undergoing a transition from being disregarded to being valued. Based on an analytical framework referencing the three-sector theory of metropolitan economic growth, this study explores the impact of rental market size on regional economic fluctuations and its influence channels using a panel of 69 large and medium-sized cities from 2010 to 2019. The results indicate that increased rental market size is significantly correlated with decreased regional economic fluctuations through housing sales and labor market channels. Specifically, house price depression, house investment stability, labor allocation, and employment stability effects are crucial channels through which the size of the rental market influences regional economic fluctuations. In addition, the marginal effect of rental market size on regional economic fluctuations is smaller in cities with higher economic development. The conclusions imply that policymakers should not focus on how to unilaterally expand the housing rental market, but should strategically compensate for the defects of regional housing rental–related institutional systems.</div></div>\",\"PeriodicalId\":48376,\"journal\":{\"name\":\"Habitat International\",\"volume\":\"153 \",\"pages\":\"Article 103189\"},\"PeriodicalIF\":6.5000,\"publicationDate\":\"2024-09-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Habitat International\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0197397524001899\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"DEVELOPMENT STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Habitat International","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0197397524001899","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"DEVELOPMENT STUDIES","Score":null,"Total":0}
Does the size of the housing rental market stabilize regional economic fluctuations? Evidence from China's large- and medium-sized cities
The influence of the housing rental market on economic operations is a significant concern. Particularly in China, the rental market has been undergoing a transition from being disregarded to being valued. Based on an analytical framework referencing the three-sector theory of metropolitan economic growth, this study explores the impact of rental market size on regional economic fluctuations and its influence channels using a panel of 69 large and medium-sized cities from 2010 to 2019. The results indicate that increased rental market size is significantly correlated with decreased regional economic fluctuations through housing sales and labor market channels. Specifically, house price depression, house investment stability, labor allocation, and employment stability effects are crucial channels through which the size of the rental market influences regional economic fluctuations. In addition, the marginal effect of rental market size on regional economic fluctuations is smaller in cities with higher economic development. The conclusions imply that policymakers should not focus on how to unilaterally expand the housing rental market, but should strategically compensate for the defects of regional housing rental–related institutional systems.
期刊介绍：
Habitat International is dedicated to the study of urban and rural human settlements: their planning, design, production and management. Its main focus is on urbanisation in its broadest sense in the developing world. However, increasingly the interrelationships and linkages between cities and towns in the developing and developed worlds are becoming apparent and solutions to the problems that result are urgently required. The economic, social, technological and political systems of the world are intertwined and changes in one region almost always affect other regions.
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