The inter-relationships among mobility, housing prices and innovation: evidence from China’s cities
Abstract
The existing literature contends that high housing prices are a negative factor inhibiting population mobility and urban innovation. This paper explores the interaction effect among population mobility, housing prices and urban innovation. Based on panel data from the Yangtze River Delta region from 2010 to 2019, we establish a simultaneous equation model (SEMs) to test the relationship between population mobility, housing prices, and urban innovation vitality. The empirical results show that (1) population mobility and housing prices are positively correlated; (2) urban innovation vitality has a significant and positive effect on housing prices; (3) population mobility and urban innovation vitality are also positively correlated.
Keyword : population mobility, housing prices, urban innovation, 3SLS, China
How to Cite
Zhang, J., Zhou, J., Qian, L., Zhang, D., Han, R., Takawadiyi, M. T., & Li, L. (2023). The inter-relationships among mobility, housing prices and innovation: evidence from China’s cities. International Journal of Strategic Property Management, 27(4), 233–245. https://doi.org/10.3846/ijspm.2023.20202
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chakraborty, I., Goldstein, I., & MacKinlay, A. (2018). Housing price booms and crowding-out effects in bank lending. The Review of Financial Studies, 31(7), 2806–2853. https://doi.org/10.1093/rfs/hhy033
Chen, J., Hu, M., & Lin, Z. (2019). Does housing unaffordability crowd out elites in Chinese superstar cities? Journal of Housing Economics, 45, 101571. https://doi.org/10.1016/j.jhe.2018.03.003
Chen, P., Wang, C., & Liu, Y. (2015). Real estate prices and firm borrowings: micro evidence from China. China Economic Review, 36, 296–308. https://doi.org/10.1016/j.chieco.2015.10.002
Choi, C., & Jung, H. (2017). Does an economically active population matter in housing prices? Applied Economics Letters, 24(15), 1061–1064. https://doi.org/10.1080/13504851.2016.1251547
Cui, C., Wang, Y., & Wang, Q. (2022). The interregional migration of human capital: the case of “first−class” university graduates in China. Applied Spatial Analysis and Policy, 15(2), 397–419. https://doi.org/10.1007/s12061-021-09401-7
Cui, T., & Chen, X. (2021). Population mobility and urban innovation capability: evidence from Chinese sub-provincial cities and municipalities. Science and Technology Management Research, 41(11), 23–30. (in Chinese)
d’Albis, H., Boubtane, E., & Coulibaly, D. (2019). International migration and regional housing markets: evidence from France. International Regional Science Review, 42(2), 147–180. https://doi.org/10.1177/0160017617749283
Degen, K., & Fischer, A. M. (2017). Immigration and Swiss house prices. Swiss Journal of Economics and Statistics, 153(1), 15–36. https://doi.org/10.1007/BF03399433
Ding, Y. (2019). Housing prices and population dynamics in urban China. Pacific Economic Review, 24(1), 27–45. https://doi.org/10.1111/1468-0106.12271
Donaubauer, J., Meyer, B., & Nunnenkamp, P. (2016). Aid, infrastructure, and FDI: assessing the transmission channel with a new index of infrastructure. World Development, 78, 230–245. https://doi.org/10.1016/j.worlddev.2015.10.015
Erol, I., & Unal, U. (2023). Internal migration and house prices in Australia. Regional Studies, 57(7), 1207–1222. https://doi.org/10.1080/00343404.2022.2106363
Fassio, C., Montobbio, F., & Venturini, A. (2019). Skilled migration and innovation in European industries. Research Policy, 48(3), 706–718. https://doi.org/10.1016/j.respol.2018.11.002
Foote, A. (2016). The effects of negative house price changes on migration: evidence across US housing downturns. Regional Science and Urban Economics, 60, 292–299. https://doi.org/10.1016/j.regsciurbeco.2016.08.001
Gevorgyan, K. (2019). Do demographic changes affect house prices? Journal of Demographic Economics, 85(4), 305–320. https://doi.org/10.1017/dem.2019.9
Jäger, P., & Schmidt, T. (2017). Demographic change and house prices: headwind or tailwind? Economics Letters, 160, 82–85. https://doi.org/10.1016/j.econlet.2017.09.007
Jeanty, P. W., Partridge, M., & Irwin, E. (2010). Estimation of a spatial simultaneous equation model of population migration and housing price dynamics. Regional Science and Urban Economics, 40(5), 343–352. https://doi.org/10.1016/j.regsciurbeco.2010.01.002
Jensen, P. H. (2014). Understanding the impact of migration on innovation. Australian Economic Review, 47(2), 240–250. https://doi.org/10.1111/1467-8462.12067
Kahouli, B. (2018). The causality link between energy electricity consumption, CO2 emissions, R&D stocks and economic growth in Mediterranean countries (MCs). Energy, 145, 388–399. https://doi.org/10.1016/j.energy.2017.12.136
Kazakis, P. (2019). On the nexus between innovation, productivity and migration of US university graduates. Spatial Economic Analysis, 14(4), 465–485. https://doi.org/10.1080/17421772.2019.1636127
Lan, F., Gong, X., Da, H., & Wen, H. (2020). How do population inflow and social infrastructure affect urban vitality? Evidence from 35 large-and medium-sized cities in China. Cities, 100, 102454. https://doi.org/10.1016/j.cities.2019.102454
Laurinavičius, A., Laurinavičius, A., & Laurinavičius, A. (2022). Macroeconomic variables influencing housing prices in Vilnius. International Journal of Strategic Property Management, 26(1), 24–34. https://doi.org/10.3846/ijspm.2021.15961
Levin, E., Montagnoli, A., & Wright, R. E. (2009). Demographic change and the housing market: evidence from a comparison of Scotland and England. Urban Studies, 46(1), 27–43. https://doi.org/10.1177/0042098008098635
Li, L., & Zhang, X. (2020). Spatial evolution and critical factors of urban innovation: evidence from Shanghai, China. Sustainability, 12(3), 938. https://doi.org/10.3390/su12030938
Lin, X., & Wang, P. (2020). Relationship between rising housing prices and reduction in urban agglomeration. Journal of Urban Planning and Development, 146(3), 04020031. https://doi.org/10.1061/(ASCE)UP.1943-5444.0000596
Lin, X., Ren, T., Wu, H., & Xiao, Y. (2021). Housing price, talent movement, and innovation output: evidence from Chinese cities. Review of Development Economics, 25(1), 76–103. https://doi.org/10.1111/rode.12705
Lin, Y., Ma, Z., Zhao, K., Hu, W., & Wei, J. (2018). The impact of population migration on urban housing prices: evidence from China’s major cities. Sustainability, 10(9), 3169. https://doi.org/10.3390/su10093169
Lu, B., Tan, X., & Zhang, J. (2019). The crowding out effect of booming real estate markets on corporate TFP: evidence from China. Accounting & Finance, 58(5), 1319–1345. https://doi.org/10.1111/acfi.12451
Lyu, L., Sun, F., & Huang, R. (2019). Innovation-based urbanization: evidence from 270 cities at the prefecture level or above in China. Journal of Geographical Sciences, 29(8), 1283–1299. https://doi.org/10.1007/s11442-019-1659-1
Meng, L., Xiao, X., & Zhou, Y. (2023). Housing boom and household migration decision: new evidence from China. The Journal of Real Estate Finance and Economics, 67, 453–479. https://doi.org/10.1007/s11146-021-09856-y
Moallemi, M., & Melser, D. (2020). The impact of immigration on housing prices in Australia. Papers in Regional Science, 99(3), 773–786. https://doi.org/10.1111/pirs.12497
Modestino, A. S., & Dennett, J. (2013). Are American homeowners locked into their houses? The impact of housing market conditions on state-to-state migration. Regional Science and Urban Economics, 43(2), 322–337. https://doi.org/10.1016/j.regsciurbeco.2012.08.002
National Bureau of Statistics of China. (2021). Seventh national population census (No. 7). http://www.stats.gov.cn/sj/zxfb/202302/t20230203_1901087.html
Niebuhr, A. (2006). Market access and regional disparities. The Annals of Regional Science, 40(2), 313–334. https://doi.org/10.1007/s00168-005-0047-1
Peng, C. W., & Tsai, I. C. (2019). The long-and short-run influences of housing prices on migration. Cities, 93, 253–262. https://doi.org/10.1016/j.cities.2019.05.011
Plantinga, A. J., Détang-Dessendre, C., Hunt, G. L., & Piguet, V. (2013). Housing prices and inter-urban migration. Regional Science and Urban Economics, 43(2), 296–306. https://doi.org/10.1016/j.regsciurbeco.2012.07.009
Potepan, M. J. (1994). Intermetropolitan migration and housing prices: simultaneously determined? Journal of Housing Economics, 3(2), 77–91. https://doi.org/10.1006/jhec.1994.1001
Rabe, B., & Taylor, M. P. (2012). Differences in opportunities? Wage, employment and house‐price effects on migration. Oxford Bulletin of Economics and Statistics, 74(6), 831–855. https://doi.org/10.1111/j.1468-0084.2011.00682.x
Rong, Z., Wang, W., & Gong, Q. (2016). Housing price appreciation, investment opportunity, and firm innovation: evidence from China. Journal of Housing Economics, 33, 34–58. https://doi.org/10.1016/j.jhe.2016.04.002
Singh, D. (2022). Renewable energy, urban primacy, foreign direct investment, and value-added in European regions. Renewable Energy, 186, 547–561. https://doi.org/10.1016/j.renene.2022.01.025
Storper, M., & Scott, A. J. (2009). Rethinking human capital, creativity and urban growth. Journal of Economic Geography, 9(2), 147–167. https://doi.org/10.1093/jeg/lbn052
Teng, T., Shen, D., & Hu, S. (2021). On the housing price, population size and urban innovation capacity in Yangtze River Delta region. Journal of Tongji University (Social Science Edition), 32(5), 65–75. (in Chinese)
Tsai, I. C. (2018). Housing price convergence, transportation infrastructure and dynamic regional population relocation. Habitat International, 79, 61–73. https://doi.org/10.1016/j.habitatint.2018.07.004
Tsui, K. W. H., Tan, D., Chow, C. K. W., & Shi, S. (2019). Regional airline capacity, tourism demand and housing prices: a case study of New Zealand. Transport Policy, 77, 8–22. https://doi.org/10.1016/j.tranpol.2019.02.007
Wang, F., Fan, W., Lin, X., Liu, J., & Ye, X. (2020). Does population mobility contribute to urbanization convergence? Empirical evidence from three major urban agglomerations in China. Sustainability, 12(2), 458. https://doi.org/10.3390/su12020458
Wang, R., Cai, W., Ren, H., & Ma, X. (2023a). Heterogeneous effects of the talent competition on urban innovation in China: evidence from prefecture–level cities. Land, 12(3), 719. https://doi.org/10.3390/land12030719
Wang, R., Hou, J., & He, X. (2017a). Real estate price and heterogeneous investment behavior in China. Economic Modeling, 60, 271–280. https://doi.org/10.1016/j.econmod.2016.09.020
Wang, X. R., Hui, E. C. M., & Sun, J. X. (2017b). Population migration, urbanization and housing prices: evidence from the cities in China. Habitat International, 66, 49–56. https://doi.org/10.1016/j.habitatint.2017.05.010
Wang, Y., Wu, K., Zhang, H. O., Liu, Y., & Yue, X. (2023b). Identifying spatial heterogeneity in the effects of high-tech firm density on housing prices: evidence from Guangdong-Hong Kong-Macao Greater Bay area, China. Chinese Geographical Science, 33(2), 233–249. https://doi.org/10.1007/s11769-023-1341-5
Wang, Z., & Zhang, Q. (2014). Fundamental factors in the housing markets of China. Journal of Housing Economics, 25, 53–61. https://doi.org/10.1016/j.jhe.2014.04.001
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