打印

作者

来源

REGIONAL SCIENCE AND URBAN ECONOMICS,Vol.67,P.108-118

语言

英文

关键字

Informal borrowing; Social capital; Housing demand; China; RURAL CHINA; LABOR-MARKET; CREDIT; INCOME; NETWORKS; FINANCE; FRIENDS; EMBEDDEDNESS; INVESTMENT; HOUSEHOLDS

作者单位

[Fan, Ying; Wu, Jing; Yang, Zan] Tsinghua Univ, Inst Real Estate, Hang Lung Ctr Real Estate, Beijing, Peoples R China. Wu, J (reprint author), Tsinghua Univ, Inst Real Estate, Hang Lung Ctr Real Estate, Beijing, Peoples R China. E-Mail: ireswujing@tsinghua.edu.cn

摘要

In this paper, we provide a new explanatton for the co-existence of huge housing demand and low dependence on mortgage loans in urban China, focusing on the effect of households' informal borrowing from relatives and friends. Empirical analysis based on a national-level household survey suggests that because of the low financial cost of informal borrowing, households tend to borrow as much as possible from informal channels until they reach the constraint determined by their social capital, which significantly crowds out formal borrowing such as mortgage loans from commercial banks. Additionally, the existence of informal borrowing significantly increases households' housing demand. Understanding these effects is especially important in regions with less mature financial systems.