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on China |
| By: | Yang Jiao (School of Economics, Singapore Management University); Ohyun Kwon (School of Economics, Drexel University); Saiah Lee (Ulsan National Institute of Science and Technology (UNIST)) |
| Abstract: | We investigate the internationalization of Renminbi (IoR) since 2006 by examining its increased utilization among Korean exporters to China. Employing proprietary data from Korean customs, which includes detailed invoicing information, our analysis reveals that products invoiced, either fully or partially, in RMB have experienced more rapid export growth. Furthermore, firms adopting RMB invoicing also exhibit faster export growth to China after controlling for relevant observables. Our findings remain robust when employing an instrumental variable approach to address potential endogeneity concerns. With the help of a currency invoicing model that demonstrates different impact channels, we show that the increased trade volume is due to Chinese importers facing lower currency costs when purchasing RMB-invoiced products compared to USD-invoiced products. |
| Keywords: | RMB internalization, invoicing currency, international trade |
| JEL: | F14 F31 D22 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:drx:wpaper:202521 |
| By: | Cui Hu; Ben G. Li |
| Abstract: | Although Google is blocked in China, Chinese provinces export significantly more to foreign countries that recently searched for them (up to 12 months prior). This attention premium is found mainly at the extensive margin of exports, larger in products that are relatively homogeneous, substitutable, and upstream in the production process, and more pronounced during the COVID pandemic and during the holiday season. The attention premium is not found for Chinese imports from the rest of the world. Our findings attest to online attention as a scarce resource in international trade allocated by importers. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2503.23557 |
| By: | Xue, Melanie; Zhang, Boxiao |
| Abstract: | We study the short- and long-term effects of affirmative action policies in the context of China. During imperial China, official positions were awarded to the most academically talented individuals through a multi-stage examination process administered by the central government. In 1712, a reform was implemented to address disparities in exam performance, aiming to equalize acceptance rates across provinces and increase representation from underrepresented regions. Using a unique dataset, we analyze career outcomes and find that more candidates from underrepresented provinces secured positions without compromising their performance after the reform. However, sub-provincial units showed different trends. Although the reform ended in 1905, the gap between underrepresented provinces and others widened again, but some effects of the reform remained. Moreover, the intervention had spillover effects, extending its impact to secondary education. |
| Keywords: | affirmative action; education; inequality; China |
| JEL: | H75 I28 J71 N40 |
| Date: | 2025–04–29 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:wpaper:128023 |
| By: | Antonio Calcara (Centre for Security, Diplomacy and Strategy–VUB); Jeffrey J. Schott (Peterson Institute for International Economics) |
| Abstract: | This Policy Brief focuses on the alignment or misalignment of the European Union and the United States on high-technology trade and sanctions vis-a-vis China. The Trump administration is likely to continue the aggressive US stance toward China in the technological realm, putting increasing pressure on its European allies to align with US policy. The Europeans, for their part, are in a difficult position: On the one hand, they are under pressure from the US government; on the other hand, the more Washington restricts Chinese trade, the more Chinese exporters will look to the European market to sell their manufactured goods. Increased competition from Chinese imports in Europe, especially in the automotive sector, could in turn trigger a political backlash that weakens support for transatlantic coordination on China. This Policy Brief has been copublished with the Centre for Security, Diplomacy and Strategy–VUB. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iie:pbrief:pb25-3 |
| By: | Salih Bora (Centre for Security, Diplomacy and Strategy–VUB); Mary E. Lovely (Peterson Institute for International Economics); Luis Simón (Centre for Security, Diplomacy and Strategy–VUB; Elcano Royal Institute) |
| Abstract: | Heightened concerns about China's exports have intensified competitive pressures on producers and compelled American and European policymakers, government officials, and political leaders to try to counteract those concerns. President Donald Trump's decision to raise tariffs on China by 145 percent is the most recent--and arguably most dramatic--example of broader concerns about Chinese overcapacity. The clash with China is particularly evident in sectors that US and European leaders have deemed essential for growth and security, charging that Chinese industrial subsidies, rather than comparative advantage, are the basis for the country's export success. However, the European Union and the United States have taken different approaches to resolve tensions with China. The European Union seeks, at least for now, to preserve and adhere to global trading rules. By contrast, the United States has acted unilaterally (even before the second Trump administration) to defend its domestic production by engaging in a trade confrontation with China that, together with China's retaliation, has rattled global financial markets. This Policy Brief explores these EU-US divisions, their reflection on trade and industrial policy, and prospects for coordinated action against Chinese overcapacity. The authors argue that the European Union can take the lead toward a resolution within the rules-based system while maintaining an open door to future US participation. This Policy Brief has been copublished with the Centre for Security, Diplomacy and Strategy–VUB. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iie:pbrief:pb25-2 |
| By: | Paul, Michael |
| Abstract: | Apart from several infrastructure projects which ultimately failed, and a surprise visit by the icebreaker Xuelong off the Greenlandic capital, Nuuk, the People's Republic of China has long maintained a cautious and reserved presence in the Arctic in the shadow of Russia and its fleet of icebreakers. But in July and August 2024, three icebreakers - Xuelong 2, Ji Di and Zhong Shan Da Xue Ji Di - made China's growing presence felt in the Arctic for the first time ever. Beijing is thus signalling more ambitious intentions, and the construction of a heavy icebreaker could enable China to establish a permanent presence in the Arctic Ocean. This development reached a peculiar climax in October 2024, when the Russian state news agency RIA Novosti ran the headline: "The Arctic is becoming Chinese." What are the reasons and implications of China's Arctic turn? |
| Keywords: | China, Russia, United States, USA, Arctic, Arctiv Council, polar power, Northern Sea Route, NSR, Belt and Road Initiative, shadow fleet, Bering Street, Murmansk-Memorandum, ICE Pact |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpcom:315534 |
| By: | Yan Shen; Mr. Fei Han; Yanlong Li |
| Abstract: | This paper uses both macro and household-level data to examine the relationship between digital financial inclusion, measured by the Peking University digital financial inclusion index, and income inequality in China. We find that a higher level of digital financial inclusion is associated with significantly lower income inequality within provinces, including through having larger positive effects on lower-income households’ incomes from salaries and public and private transfers. However, we do not find a significant impact of digital financial inclusion on income inequality across provinces, as households in the relatively more developed southern region benefitted more from digital financial inclusion than those in the northern region. We also find that digital financial inclusion has larger effects on the incomes of rural, female-headed, and less educated households, which have likely contributed to the narrowing of the overall income inequality, but a smaller effect on the income of elderly households—pointing to the “digital divide” problem among the elderly in China. |
| Keywords: | Digital financial inclusion; income inequality; micro mechanism |
| Date: | 2025–04–04 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/071 |
| By: | Ohyun Kwon (School of Economics, Drexel University); Hao Zhao (School of Environmental and Natural Resources, Renmin University of China); Min Qiang Zhao (MOE Key Laboratory of Econometrics, Xiamen University) |
| Abstract: | We propose a novel method for calculating product-level emission intensities (PLEI) at highly disaggregate level (Harmonized System 6-digit) for nine emission categories. This method effectively disentangles PLEI from the firm-level efficiency factor that varies across firms and years. Utilizing firm-level emissions data from China for the period 2000–2013, our analysis shows that: (i) there is substantial heterogeneity in PLEI across different products; (ii) the 10% most emission-intensive products contribute to nearly 75% of total emissions, while comprising only 4% of total exports; (iii) a less aggregate categorization of products markedly underestimates the variation in emission intensities; and (iv) China’s export profile shows no tendency towards specialization in products with high emission intensity. |
| Keywords: | International trade, Emission intensities, China |
| JEL: | D22 F18 Q56 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:drx:wpaper:202520 |
| By: | Üngör, Çağdaş |
| Abstract: | The techno-geopolitical rivalry between China and the United States has intensified in recent years. Turkey's souring relations with the US over the past decade has prevented the former from reaping the spoils of the Sino-US tech war as an American ally. Ankara has its own ambitions in the so-called Fourth Industrial Revolution and is prioritising gaining access to advanced technology under affordable price arrangements in which Chinese tech companies offer important opportunities. Since Turkey is a NATO member and an EU candidate, its incremental move towards China's technology ecosystem should be of concern to EU decision-makers. Brussels should promote policies to foster collaboration with Turkey so that today's geoeconomic challenges can be tackled together. |
| Keywords: | techno-geopolitical rivalry, China, United States, Turkey, Fourth Industrial Revolution, EU, NATO, geoeconomic challenges, AI, 5G, semiconductor value chain, Xiaomi, Huawei, DeepSeek, ChatGPT |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpcom:315538 |
| By: | Petry, Johannes |
| Abstract: | Commodities are crucial for understanding China’s economic rise but financial aspects of commodity markets are often neglected in existing debates. However, commodity prices are increasingly determined through trading in futures markets. Historically, most commodity benchmarks were traded on futures exchanges in New York, Chicago and London (infrastructure), dominated by Anglo-American financial institutions (investor), USD-denominated (currency), and supervised by US/UK regulators (regulatory). The article develops the concept of (commodity) pricing power as resulting from a combination of these different sources of power which further solidifies US financial hegemony, while putting China into a subordinate position. It thus provides a novel perspective for understanding the politics of commodities, global finance and China’s role therein. Based on policy documents, financial data and 200 expert interviews, the paper explores China’s efforts for establishing its own commodity benchmarks, tracing how (a lack of) commodity pricing power emerged as a problem for Chinese authorities and was subsequently pursued as a national development strategy for gaining more autonomy from US-dominated markets. While we often perceive China as a powerful actor, the paper illustrates how the market-based, financialised setup of international economic affairs can fundamentally constrain China’s global influence, even placing it into a position of profound vulnerability. |
| Date: | 2025–04–25 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:9nwga_v1 |
| By: | Ohyun Kwon (LeBow College of Business, Drexel University); Hao Zhao (School of Ecology and Environment, Renmin University of China); Min Qiang Zhao (MOE Key Laboratory of Econometrics, Xiamen University) |
| Abstract: | This paper investigates the reallocation effects of emissions cap-and-trade policy, leveraging China’s phased implementation of chemical oxygen demand (COD) regulations as a quasi-experiment. Our theoretical model posits that a pro rata emissions cap is more stringent for more productive firms, resulting in negative reallocation, whereas emissions trading restores efficiency through positive reallocation by reallocating emissions towards more productive firms. Utilizing the spatial and temporal variation in policy implementation, our empirical findings demonstrate that emission intensities of more productive firms, relative to less productive counterparts, declined after adopting the cap policy but subsequently increased with the introduction of cap-and-trade, aligning with our theoretical predictions. We also find that firms operating under a cap-and-trade regime, on average, experienced faster output growth compared to those operating under a cap-only regime, highlighting the role of emissions trading in enhancing production efficiency, even within imperfect markets. |
| Keywords: | emissions cap-and-trade; heterogeneous firms; imperfect competition; reallocative efficiency |
| JEL: | L51 Q53 Q58 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:drx:wpaper:202514 |
| By: | Sascha O. Becker; Amma Panin; Steven Pfaff; Jared Rubin |
| Abstract: | This chapter examines the role of religion in economic development, both historically and today. Religion’s influence varies globally, with high religiosity in countries like Pakistan and low rates in China. Despite declines in some Western countries, religion remains influential worldwide, with projected growth in Muslim populations due to higher fertility rates. Religion continues to shape societal norms and institutions, such as education and politics, even after its direct influence fades. The chapter explores how religious institutions and norms have impacted economic outcomes, focusing on both persistence and decline. It also examines cultural transmission, institutional entrenchment, networks, and religious competition as mechanisms sustaining religion’s influence. We explore the relationship between religion and secularization, showing that economic development does not always reduce religiosity. Lastly, the chapter highlights gaps in the literature and suggests future research areas on the evolving role of religion in economic development. |
| Keywords: | religion, economic development, religiosity, cultural transmission, secularization, historical persistence, religious competition, networks, social norms |
| JEL: | D85 I25 J10 N30 O33 O43 P48 Z10 Z12 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11724 |
| By: | Xipeng Gao (School of Economics and Finance, XiÕan Jiaotong University, XiÕan, Shaanxi, PR China); Xiangju Li (School of Economics and Finance, XiÕan Jiaotong University, XiÕan, Shaanxi, PR China); Jorge Martinez-Vazquez (International Center for Public Policy, Georgia State University, Atlanta, Georgia, United States) |
| Abstract: | A central tenet in the fiscal federalism literature posits that inter-jurisdictional tax competition can engender economic efficiency losses. However, diverse firms exhibit heterogeneous sensitivities to varying tax burdens. When firms strategically evaluate differential tax pressures across tax categories, tax competition evolves into competition over tax structure. This dynamic is particularly pronounced in the case of green taxes and fees, which aim to internalize negative externalities compared to conventional tax instruments. We identify a Òrace to the bottomÓ phenomenon in corporate green taxes and fees driven by structural distortions within the tax system in China. Based on the constructed theoretical model of energy factor allocation that includes a distortionary coefficient of green taxes and fees, we predict that the efficiency growth of firms will decrease as the intensity of their Òrace to the bottomÓ competition increases in response to the relative pressure of green taxes and fees. Using data from listed companies in China, we find a robust negative relation between the Òrace to the bottomÓ competitive intensity of green taxes and fees pressure and total factor productivity growth. Our findings indicate that increasing the intensity of fiscal and environmental decentralization exacerbates the problem of the intensity of competition in the corporate tax structure, generating significant efficiency losses. These findings provide new evidence on the economic disadvantages of unchecked tax competition in decentralized systems. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:ays:ispwps:paper2507 |
| By: | Akbulut-Yuksel, Mevlude (Dalhousie University); Zhang, Zhuo; Zhou, Weina (affiliation not available) |
| Abstract: | This paper examines the causal impacts of reducing solid waste imports on water quality in China, which was the world’s largest importer of waste until recently. We focus on the National Sword policy, introduced at the end of 2017, which abruptly banned the import of plastics, textiles, vanadium slag, and paper, reducing waste imports from 1.25 million tons per month to nearly zero. Using administrative data on waste imports and daily water quality readings from real-time automated monitoring stations across China, we exploit the sudden reduction in imported waste to identify significant improvements in dissolved oxygen levels in prefectures that previously imported the banned waste. These positive effects vary by the type of waste imported and are smaller in prefectures where the main importers are multinational firms. Our results are supported both by the Regression Discontinuity Design and the Difference-in-Differences framework. The magnitude of the effect is strongest immediately after the ban and gradually declines over time. |
| Keywords: | import waste, waste reduction, water pollution |
| JEL: | Q53 Q56 Q58 F18 O13 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17828 |
| By: | Congluo Xu; Yu Miao; Yiling Xiao; Chengmengjia Lin |
| Abstract: | This paper proposes DeepGreen, an Large Language Model Driven (LLM-Driven) system for detecting corporate green-washing behaviour. Utilizing dual-layer LLM analysis, DeepGreen preliminarily identifies potential green keywords in financial statements and then assesses their implementation degree via iterative semantic analysis of LLM. A core variable GreenImplement is derived from the ratio from the two layers' output. We extract 204 financial statements of 68 companies from A-share market over three years, comprising 89, 893 words, and analyse them through DeepGreen. Our analysis, supported by violin plots and K-means clustering, reveals insights and validates the variable against the Huazheng ESG rating. It offers a novel perspective for regulatory agencies and investors, serving as a proactive monitoring tool that complements traditional methods.Empirical tests show that green implementation can significantly boost the asset return rate of companies, but there is heterogeneity in scale. Small and medium-sized companies have limited contribution to asset return via green implementation, so there is a stronger motivation for green-washing. |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2504.07733 |
| By: | Yanqing Yang; Nan Zhang; Jinfeng Ge; Yan Xu |
| Abstract: | This paper identifies the impact of China-U.S. science and technology (S&T) friction on knowledge flows in different fields, using data on invention patent applications from China, the U.S., Europe, and the World Patent Office (WPO) along with machine-learning-based econometric methods. The empirical results find that the negative impacts of China-U.S. S&T frictions on cross-border knowledge flows are confined to a limited number of technology areas during the period of our observation. This paper further explores the characteristics of the negatively impacted technology areas, and the empirical results show that technology areas that rely more on basic scientific research, where the distribution of U.S. scientific and technological strength is more concentrated, and where the gap between U.S. and Chinese science and technology is narrower, are more likely to be the victims of the Sino-U.S. S&T friction. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2503.21822 |
| By: | Nie, Zihan (Beijing Normal University, China); Jiang, Yu (Southwestern University of Finance and Economics, China.); Salazar, César (University of Bío-Bío, Chile); Jaime, Marcela (University of Concepción, Chile.); Ho, Thong (University of Economics Ho Chi Minh City, Vietnam.) |
| Abstract: | Harmful algal blooms (HAB) are an increasing global threat to food safety in the seafood industry. The impact of HABs and the losses from policies addressing them are significant. However, little is known regarding the extent to which the perceived risk of HAB affects consumers' preferences for seafood products and how this translates into welfare losses from the demand side. In this paper, we conducted choice experiments in Chile, China, and Vietnam to explore consumers’ preferences for reducing the risk of HAB contamination in a mussel consumption framework. We find that consumers strongly prefer a test that eliminates the risk of purchasing mussels contaminated by the HAB on the market in all three countries. These strong preferences translate into large WTPs. Perceptions towards HAB and mussel’s attributes play a role in explaining heterogeneity in consumers’ preferences. However, the link between perceptions and preferences varies across countries, possibly due to country-specific contexts. These results imply that the increasing occurrence of HAB globally might have caused sizable welfare losses for consumers and that policies to ensure food safety in seafood markets could significantly improve social welfare. |
| Keywords: | mussel aquaculture; harmful algal bloom; choice experiment; consumers’ preferences |
| JEL: | Q22 Q51 Q53 |
| Date: | 2025–04–09 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:gunefd:2025_001 |
| By: | Jiakun Zheng (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique); Yanyin Li |
| Abstract: | This paper utilizes data from the 2017 China Household Finance Survey (CHFS) to examine the impact of loss aversion on individuals' willingness to relocate due to environmental concerns. We find that individuals who are more loss averse are less likely to consider moving, resulting in what is called the status-quo bias. In addition, we find that individuals with stronger family ties as measured by the number of siblings and higher household fixed assets are more susceptible to these effects, implying that they are more attached to their current place of residence and less likely to relocate.We thank Ling Zhou and one anonymous referee for constructive comments. |
| Keywords: | Family ties, Status-quo bias, Loss aversion, Willingness to relocate |
| Date: | 2024–12–30 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04991151 |
| By: | James Giesecke; Robert Waschik |
| Abstract: | This paper examines the economic impacts of U.S. tariff increases announced over March-April 2025 using GTAP-FIN, a dynamic global general equilibrium model. We simulate three scenarios: (1) U.S. tariff hikes without retaliation, (2) retaliation by all trading partners except Australia, and (3) retaliation coupled with U.S. fiscal consolidation via tariff revenue. Across all scenarios, U.S. real GDP declines, driven by deep short-run employment losses, long-run capital stock contractions, and persistent allocative efficiency losses. In the no retaliation case, improved U.S. terms of trade raise U.S. real consumption despite output losses. However, this benefit is reversed under retaliation, which lowers U.S. export prices and consumption. Fiscal consolidation amplifies U.S. consumption losses, but mitigates investment declines. Australia is modestly affected, benefiting from improved terms of trade and investment in the retaliation scenarios. For China, heavy tariff exposure results in sustained terms of trade and consumption losses, athough outcomes improve marginally with U.S. fiscal consolidation. Globally, regions most exposed to U.S. tariffs see the sharpest consumption declines, particularly under the no retaliation scenario. The analysis does not capture the heightened investor uncertainty arising from the unclear policy rationale behind the tariffs, suggesting that adverse economic impacts may exceed those estimated in this paper. |
| Keywords: | U.S. tariffs, Trump tariffs, "Liberation Day" tariffs. |
| JEL: | F13 F47 C68 D58 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:cop:wpaper:g-353 |
| By: | Ansari, Dawud; Gehrung, Rosa Melissa; Pepe, Jacopo Maria |
| Abstract: | Central Asian economies, particularly Kazakhstan and Uzbekistan, are pursuing increasingly ambitious goals for renewable energy. Apart from China - an established player in the market - it has increasingly been Gulf countries that have been implementing respective projects, particularly Saudi Arabia and, to a lesser extent, the United Arab Emirates (UAE). Both China and Gulf countries seem to have found a cooperative approach that is based on sharing the Central Asian market along the value chain. This approach could be a blueprint for future Gulf-China relations, which have become relevant for global politics. Simultaneously, the dynamics also exemplify the growing number of energy and geopolitical dynamics over which Europe has little influence. For the European Union (EU) and Germany, the developments serve as a reminder: While intra-Asian dynamics are gaining importance, Germany and the EU risk being marginalised in matters concerning energy, climate, and geopolitics - and not just in Central Asia. In response, a more consistent Central Asia strategy is required, alongside a constructive and non-ideological approach towards relations with the Arab Gulf States. |
| Keywords: | Kazakhstan, Uzbekistan, China, Saudi Arabia, United Arab Emirates (UAE), EU, Germany, Central Asian market, Gulf-China relations, energy, geopolitical dynamics, ACWA Power Renewable Energy Holding, PowerChina, hydrogen, carbon capture and storage, climate technologies, fossil fuels, green energy |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpcom:315531 |
| By: | Xu, Tao Louie; Zhu, Weiwei |
| Abstract: | This research identifies the causality between entrepreneurial behaviour and informal institutions of social trust within the context of China’s development. Revisiting the Polanyi-Schumpeter theoretical framework, entrepreneurship embedded in social relations interlinked by trust is a dynamo of sustainable socioeconomic progress. The institutionalised trust, however, was not clarified. With micro-individual data from the Chinese General Social Survey 2011–2021, our research employs the instrumental variable approach rooted in historical rice farming to tackle endogeneity. The results demonstrate that social trust elevates entrepreneurial engagement by 32.65 and 10.37 percentage points in self-employment and business incorporation, respectively. Increased trust paradoxically hampers self-employment in the central due to insular networks and structural disparities. The findings uncover the nuanced role of social trust in facilitating and constraining entrepreneurship with contextually regional determinants. The research contributes to knowledge and evidence of institutional endowments that mediate entrepreneurial agency and argues for synchronising formal and informal institutions in development. |
| Date: | 2025–03–10 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:nka6s_v3 |
| By: | Ying Fan; Ziying Fan; Yiyi Zhou |
| Abstract: | This paper studies how dynamic changes in the search environment affect consumer search and purchase behavior. We develop a dynamic model that incorporates a non-stationary search environment and propose a feasible estimation procedure to estimate its parameters. We apply our model and estimation procedure to the Beijing housing market, utilizing detailed data on consumers’ complete search records. We show that accounting for dynamics is crucial for accurately estimating search costs. Additionally, we find that search environment dynamics have a significant impact on consumer decisions and welfare. Housing supply policies that alter search environment dynamics—by increasing the number of new listings and slowing down price increases—benefit consumers, primarily by incentivizing longer searches, more property visits, and ultimately leading to purchases that yield higher utility. |
| Keywords: | consumer search, non-stationary search environment, Beijing housing market |
| JEL: | D80 L80 R30 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11709 |