caa a22 4500 60547544X CHVBK 20210128105155.0 cr unu---uuuuu 210128e20150901xx s 000 0 eng 10.1007/s00199-015-0889-4 doi (NATIONALLICENCE)springer-10.1007/s00199-015-0889-4 Zhao Bo China Center for Economic Research, National School of Development, Peking University, Beijing, China aut Rational housing bubble [Elektronische Daten] [Bo Zhao] This paper studies an economy inhabited by overlapping generations of households and investors, with the only difference between the two being that households derive utility from housing services, whereas investors do not. Tight collateral constraint limits the borrowing capacity of households and drives the equilibrium interest rate level down to the housing price growth rate, which makes housing attractive as a store of value for investors. A housing bubble arises in an equilibrium in which investors hold houses for resale purposes only and without the expectation of receiving a dividend either in terms of utility or in terms of rent. Pension reform that reduces the contribution rate may increase the supply of credit and create the housing bubble. Empirical findings from China are consistent with theoretical predictions. Springer-Verlag Berlin Heidelberg, 2015 Housing bubble nationallicence Collateral constraint nationallicence Pension reform nationallicence Chinese economy nationallicence Economic Theory Springer Berlin Heidelberg 60/1(2015-09-01), 141-201 0938-2259 60:1<141 2015 60 199 https://doi.org/10.1007/s00199-015-0889-4 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s00199-015-0889-4 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Zhao Bo China Center for Economic Research, National School of Development, Peking University, Beijing, China aut NATIONALLICENCE 773 0- Economic Theory Springer Berlin Heidelberg 60/1(2015-09-01), 141-201 0938-2259 60:1<141 2015 60 199 SWISSBIB 559861796