题目：Subsidized Credit Supply and the Housing Market: Evidence from the Housing Provident Fund System in China

主讲人：李科杨，对外经济贸易大学

时间：2025年5月14日（星期三）下午13:30-15:00

地点：暨南大学（石牌校区）中惠楼106会议室

主讲人简介:

李科杨，对外经济贸易大学国际经济贸易学院助理教授，兼任SSCI期刊China Economic Review副主编。主要研究领域为公共经济学、城市与房地产经济学。在Journal of Public Economics、Journal of Development Economics、Journal of Human Resources、Regional Science and Urban Economics、经济学（季刊）等国内外一流经济学期刊发表论文十余篇。主持国家自然科学基金青年项目一项。曾获得世界华人不动产学会年会最佳论文奖（特等奖）、中国房地产学术研讨会最佳论文奖（一等奖）等学术荣誉和奖励。

Abstract:

Subsidized credit supply is a widely used public policy tool to improve housing affordability in major economies. However, the subsidized credit supply would shift the demand curve up, which may drive up housing prices and undermine housing affordability. In this paper, we exploit a policy shock that increased the subsidized credit supply for housing units smaller than 90 square meters in a major city in China. Based on an administrative housing-resale-transaction dataset and a difference-in-differences approach, we show that for every dollar increase in the subsidized loan amount, the housing price increases by 0.12 USD on average. More importantly, the price effects are roughly equal among buyers using different financing resources, implying a strong redistribution effect of the subsidized credit supply among sellers and buyers with and without subsidized loans.