论文名称：Financial liberalization and house prices: Evidence from China

作者：施一宁

刊名：JOURNAL OF BANKING & FINANCE

发表时间：2022.12

I investigate whether financial liberalization can affect house prices. I exploit the 2008 US financial crisis as an exogenous shock that negatively affected foreign banks' operations in China. Using cross-sectional variation in foreign banks' establishment and asset value, I document that cities with a higher level of financial openness have more volatile house price movements. I also show that the drops in house price growth rates in 2008 were larger for cities with higher withdrawal or exit rates of overseas banks. I ex-clude alternative explanations for the negative treatment effect, such as shocks to international trade and local economic conditions in 2008. The evidence suggests a credit supply channel. Further analyses show that the negative effect of financial liberalization on the house price growth rate is more pronounced for more geographically constrained cities. (c) 2022 Elsevier B.V. All rights reserved.