关键词：地方财政
作 者：李会平
发表时间：2015-08-15
概要：
Residents in different communities have different levels of public service accessibilities. Existing literature documents effects of public services on housing prices with fragmented local governments. Few studies have examined how public service provision impacts housing prices under Chinese centralized governance system. Using data on housing price at the community level, socioeconomic characteristics at the neighborhood level, and public expenditure at the City district level, this study examines how public service provision is associated with housing prices in Shanghai. Results show that, public service accessibility is capitalized into housing prices. While the total expenditure at the City district level is not related to housing prices, government redistributive expenditure is positively associated with housing price and developmental expenditure is on the opposite. The expenditure effects are further mediated by accessibility to public facilities. The findings suggest that decentralized fiscal system with relatively centralized government structure may have reinforced urban polarization in Shanghai.
