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DTSTART;TZID=America/Los_Angeles:20251028T134000
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SUMMARY:Macroeconomics & International Finance Seminar Series Presents: Zhiguo He
DESCRIPTION:Macroeconomics and International Finance Seminar\nDate: Tuesday\, October 28\, 2025\nTime: 1:40-3:00 p.m.\nLocation: E2-499\n\n \n\nSpeaker: Zhiguo He\nTitle: James Irvin Miller Professor of Finance\nAffiliation: Stanford University \nHost: Michael Leung \n \nSeminar title: Household Migration and Collateral Constraint: Cash-based Housing Resettlement in China\n \nABSTRACT:   Collateral constraints reduce household migration to expensive locations by restricting financing for home purchases. This endogenous location choice can amplify the impact of relaxing 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 that endogenous location upgrading amplified the effect of cash transfer\, raising lifetime housing expenditures by nearly 50%\, and house price growth in low-tier cities by 9% in 2016-2020.
URL:https://events.ucsc.edu/event/macroeconomics-international-finance-seminar-series-presents-zhiguo-he/
LOCATION:Engineering 2\, Engineering 2 1156 High Street\, Santa Cruz\, CA\, 95064
CATEGORIES:Seminars
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