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

嘉    宾：李科杨 助理教授 对外经济贸易大学

主持人：喻    洋 副教授 上海交通大学安泰经济与管理学院

时    间：2025年1月7日（周二）14:00-15:30 

地    点：上海交通大学徐汇校区安泰经济与管理学院A507

内容简介：

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.

演讲人简介：
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。主要研究领域为城市与房地产经济学、公共经济学。在Journal of Public 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10篇。主持国家自然科学基金青年项目一项。