Economic policy uncertainty has prominent effects on investment and output.Using unique transaction-level data in China,this paper explores the impact of economic policy uncertainty on land transaction premiums in Chi...Economic policy uncertainty has prominent effects on investment and output.Using unique transaction-level data in China,this paper explores the impact of economic policy uncertainty on land transaction premiums in China.On average,a 1%increase in the policy uncertainty level reduces land transaction premiums by 3.907 percentage points.The impact of policy uncertainty is more profound for firms with tighter financial constraints and land located in cities with lower rent-to-price ratios.The influence of policy uncertainty becomes weaker after the anti-corruption campaign in China,especially in provinces scrutinised by the central inspection teams,implying that improvements in the political environment alleviates the impact of policy uncertainty.展开更多
基金Xiaoyang Li thanks the National Natural Science Foundation of China[Grant No.72303197]for financial supportMo Liang thanks the National Natural Science Foundation of China[Grant No.71803188]for financial support+1 种基金Jidong Yang thanks the Humanities and Social Sciences Research Project of the Ministry of Education[Grant No.22YJA790076]the Fundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China[Grant No.23XNA011]for financial support.
文摘Economic policy uncertainty has prominent effects on investment and output.Using unique transaction-level data in China,this paper explores the impact of economic policy uncertainty on land transaction premiums in China.On average,a 1%increase in the policy uncertainty level reduces land transaction premiums by 3.907 percentage points.The impact of policy uncertainty is more profound for firms with tighter financial constraints and land located in cities with lower rent-to-price ratios.The influence of policy uncertainty becomes weaker after the anti-corruption campaign in China,especially in provinces scrutinised by the central inspection teams,implying that improvements in the political environment alleviates the impact of policy uncertainty.
