Household Migration and Collateral Constraint: Cash-based Housing Resettlement in China

刘泽豪，中国人民大学财政金融学院教授、博士生导师、货币金融系副主任，获国家自然科学基金青年科学基金B类（原优秀青年科学基金）资助，中国人民大学吴玉章青年学者，中国金融市场与政策研究所副所长。博士毕业于清华大学经济管理学院金融系，本科毕业于中国人民大学金融学数学双学位实验班（毕业获学生最高荣誉——吴玉章奖学金）。博士期间曾于耶鲁大学管理学院联合培养。主要研究领域为货币银行学、金融中介、金融危机、中国经济与金融问题。研究成果发表在Journal of Economic Theory（2篇）、Theoretical Economics、Economic Theory、Journal of Financial Intermediation、China Economic Review、《经济研究》《金融研究》（3篇）、《经济学（季刊）》等国际国内高水平刊物上。主持的国家自然科学基金青年科学基金C类项目（原青年项目）结题获评“特优”。曾获第二届孙冶方金融创新奖、《金融研究》年度优秀论文奖（2次）、《国际金融研究》好文章奖、中国金融学会优秀论文奖、中国人民大学教学标兵奖、本科课外教学优秀指导教师奖、优秀科研成果奖。

Collateral constraints limit household migration to expensive locations by restricting financing for home purchases. Such endogenous location choice amplifies the impact of relaxing household borrowing constraints. Using China's cash-based shantytown renovation program (2015-2018) as a natural experiment, we provide evidence that cash resettlement—by converting illiquid shanty houses into cash—facilitated household location upgrading and raised house prices in more expensive locations. A dynamic spatial model with collateral constraints confirms household migration responses to the cash transfer. Quantitatively, endogenous migration amplifies household housing expenditure responses by around 40%, and is able to explain more than 20% of the housing price growth in 2016-2020.