Annual Conference

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Household Finance, Senior Fellows/Fellows

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May 2022

FinTech Adoption and Household Risk-Taking

Claire Yurong HONG, Xiaomeng LU, Jun PAN
Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals’ FinTech adoption by the...
Keywords: FinTech, Digital Payment, Financial Inclusion, Consumption, Risk Taking
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Politician’s Asset Allocation and Economic Bill Proposals

Hyun-Soo CHOI, Hugh Hoikwang KIM, Paul Youngwook KIM
We study the impact of politicians’ asset allocation on their economic bill proposals. Using a novel database of comprehensive financial disclosures of Congress members in South Korea, we find that the Congress members with more real estate assets in their portfolios are less likely to propose eco...
Keywords: political economy, economic bill proposal, politician’s asset allocations, real estate
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Like Father Like Son? Social Engineering and Intergenerational Mobility in Housing Consumption

Sumit AGARWAL, Wenlan QIAN, Tien Foo SING, Yi FAN
We estimate the rate of intergenerational mobility in housing consumption in the context of largescale social engineering programs in Singapore. Using a comprehensive set of data on residential demographics merged with the real housing transaction records covering 149,745 parents-child pairs from 19...
Keywords: housing consumption, intergenerational mobility, social engineering programs, human capital
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Coronavirus Pandemic and Unemployment: Evidence from Mobile Phone Data in China

Yongheng DENG, Panle Jia BARWICK, Shanjun LI, Teng LI , Xinfei HUANG
Based on mobile phone records for 71 million users and location tracking information for one million users over two years, this study examines the labor market impacts of the COVID-19 pandemic in China’s Guangdong province, whose GDP is larger than all but the top 12 countries in the world. Using ...
Keywords: COVID-19, Mobile Phone, Recovery, Unemployment
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Tobin Tax Policy, Housing Speculation, and Property Market Dynamics

Sumit AGARWAL, Kwong Wing CHAU, Maggie Rong HU, Wayne Xinwei WAN
Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find that...
Keywords: Tobin tax policy, stamp duty tax, property speculators, lock-in period, bunching effect
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