385
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Does Housing Boom Boost Corporate Financialization?—Evidence from China

, &

References

  • Akkemik, K. A., and S. Ozen. 2014. Macroeconomic and institutional determinants of financialisation of non-financial firms: Case study of Turkey. Socio - Economic Review 12 (1):71–98. doi:10.1093/ser/mwt006.
  • Bai, C. E., C. T. Hsieh, and Z. Song. 2016. The long shadow of China’s fiscal expansion. Brookings papers on economic activity, 129–65.
  • Bleck, A., and X. Liu. 2013. Liquidity flooding, asset prices and the real economy. HKUST and UBC Working Paper.
  • Brunnermeier, M. K., and Y. Sannikov. 2014. A macroeconomic model with a financial sector. The American Economic Review 104 (2):379–421. doi:10.1257/aer.104.2.379.
  • Chaney, T., D. Sraer, and D. Thesmar. 2012. The collateral channel: How real estate shocks affect corporate investment (Review). The American Economic Review 102 (6):2381–409. doi:10.1257/aer.102.6.2381.
  • Chen, P., C. Y. Wang, and Y. Y. Liu. 2017. Real estate prices and firm borrowings: Micro evidence from China. China Economic Review 36 (12):296–308. doi:10.1016/j.chieco.2015.10.002.
  • Claessens, S., and L. Laeven. 2003. Financial development, property rights, and growth[j]. The Journal of Finance 58 (6):2401–36. doi:10.1046/j.1540-6261.2003.00610.x.
  • Crotty, J. 2005. The neoliberal paradox: The impact of destructive product market competition and ‘modern’ financial markets on nonfinancial corporation performance in the neoliberal era. Financialization and the World Economy 1:77–110.
  • Cvijanović, D. 2014. Real estate prices and firm capital structure. The Review of Financial Studies 27 (9):2690–735. doi:10.1093/rfs/hhu035.
  • Demir, F. 2009. Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics 88 (2):314–24. doi:10.1016/j.jdeveco.2008.04.002.
  • Deng, L., and J. Chen. 2019. Market development, state intervention, and the dynamics of new housing investment in China. Journal of Urban Affairs 41 (2):223–247. doi:10.1080/07352166.2017.1422983.
  • Edwards, J. R., and L. S. Lambert. 2007. Methods for integrating moderation and mediation: A general analytical framework using moderated path analysis. Psychological Methods 12 (1):1–22. doi:10.1037/1082-989X.12.1.1.
  • Epstein, G. 2015. Financialization and the world economy. Edward Elgar Publishing.
  • Fazzari, S., and M. Athey. 1987. Asymmetric information, financing constraints, and investment. The Review of Economics and Statistics 69 (3):481–87. doi:10.2307/1925536.
  • Flood, R. P., and P. M. Garber. 1980. Market fundamentals versus price-level bubbles: The first tests. The Journal of Political Economy 88 (4):745–70. doi:10.1086/260900.
  • Gan, J. 2007. Collateral, debt capacity, and corporate investment: Evidence from a natural experiment. Journal of Financial Economics 85 (3):709–34. doi:10.1016/j.jfineco.2006.06.007.
  • Goodfriend, M. 2001. Financial stability, deflation, and monetary policy. SSRN Electronic Journal. doi:10.2139/ssrn.2182229.
  • Hadlock, C. J., and J. R. Pierce. 2010. New evidence on measuring financial constraints: Moving beyond the KZ index (Article). The Review of Financial Studies 23 (5):1909–40. doi:10.1093/rfs/hhq009.
  • Hart, O., and J. Moore. 1990. Property rights and the nature of the firm. The Journal of Political Economy 98 (6):1119–58. doi:10.1086/261729.
  • He, Z., and A. Krishnamurthy. 2012. A model of capital and crises. The Review of Economic Studies 79 (2):735–77. doi:10.1093/restud/rdr036.
  • Hu, Y. M., X. T. Wang, and J. Zhang. 2017. Financial asset investment and real economy “Crowding Out”. Economy Research Journal 1:181–94.
  • Krippner, G. R. 2005. The financialization of the American economy. Socio-Economic Review 3 (2):73–208. doi:10.1093/SER/mwi008.
  • Liu, Z., P. F. Wang, and T. Zha. 2013. Land-price dynamics and macroeconomic fluctuations. Econometrica 81 (3):1147–84.
  • Lu, B., X. Tan, and J. Zhang. 2019. The crowding out effect of booming real estate markets on corporate TFP: Evidence from China. Accounting & Finance 58 (5):1319–45. doi:10.1111/acfi.12451.
  • Mora, N. 2008. The effect of bank credit on asset prices: Evidence from the Japanese real estate boom during the 1980s. Journal of Money, Credit, and Banking 40 (1):57–87. doi:10.1111/j.1538-4616.2008.00104.x.
  • Orhangazi, Ö. 2008. Financialization and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy. Cambridge Journal of Economics 32 (6):863–86. doi:10.1093/cje/ben009.
  • Palley, T. 2008. Institutionalism and new trade theory: Rethinking comparative advantage and trade policy. Journal of Economic Issues 42 (1):195–208. doi:10.1080/00213624.2008.11507121.
  • Piketty, T. 2013. Le Capital au XXIème siècle. Seuil: Les livres du nouveau monde.
  • Rampini, A. A., and S. Viswanathan. 2013. Collateral and capital structure. Journal of Financial Economics 109 (2):466–92. doi:10.1016/j.jfineco.2013.03.002.
  • Shi, Y. 2017. Real estate booms and endogenous productivity growth. Working Paper (Massachusetts Institute of Technology).
  • Stockhammer, E. 2004. Financialization and the slowdown of accumulation. Cambridge Journal of Economics 28 (5):719–41. doi:10.1093/cje/beh032.
  • Tirole, J. 2010. The theory of corporate finance. Princeton, NJ: Princeton University Press.
  • Tong, J., D. Xie, and Q. Bao. 2017. The talks on paper of the deglobalization and transformation and upgrading of real economy. China Industrial Economics 6:5–59.
  • Vikrant, V. 2013. Access to collateral and corporate debt structure: Evidence from a natural experiment. The Journal of Finance 68 (3):881–928. doi:10.1111/jofi.12020.
  • Xu, X., and C. Xuan. 2021. A study on the motivation of financialization in emerging markets: The case of Chinese nonfinancial corporations. International Review of Economics & Finance 72: 606–23.doi: 10.1016/j.iref.2020.12.026
  • Zhang, C., and N. Zheng. 2020. Monetary policy and financial investments of nonfinancial firms: New evidence from China. China Economic Review 60:101–220. doi:10.1016/j.chieco.2020.101420.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.