Time：10:00am - 11:30am, May 14th, 2021

Venue：Room 359S, Overseas Exchange Center, Peking University

Speaker：Chunyang Wang

(Peking University HSBC Business School)

 

Abstract:

 

Using a sample of one million land transactions in China from 2006 to 2013, I find that the average price of publicly auctioned residential land is nine times higher than the price of adjacent local government-designated industrial land. An industry in a city receiving greater industrial land subsidies enjoys a higher growth of output, capital, and labor but lower productivity. My results are robust to instrumental variable estimations based on predicted local governments' bond issuance quotas. Further micro-level evidence, including land purchase determinants, firm performance after the land deal, and leader characteristics’ effects, supports a local leader-firm reciprocity mechanism.

 

Speaker:

 

 

Chunyang Wang is the Associate Professor at Peking University HSBC Business School. Professor Wang's research interests include Macroeconomics and Monetary Economics, Banking, Financial Crisis, Macro Finance, Financial Regulation, Financial Econometrics and Chinese Economy. Professor Wang has published in several economics journals, including European Economic Review, Applied Economics Letters and Annals of Economics and Finance. He received a Ph.D. in Economics from University of Minnesota in 2011.