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Keywords

real estate investment, real estate price, manufacturing total factor productivity, two-step system GMM

Abstract

The overheated development of the real estate industry and the low level of total factor productivity in the manufacturing industry are two major characteristics of China's current economic development.The development of the real estate industry may have a crowding out effect on the development of the manufacturing industry.In order to investigate the impact of the development of real estate industry on the total factor productivity of the manufacturing industry,this paper uses the parameter method to measure the manufacturing TFP situation of each province, then select the real estate investment rate of change,the rate of change in housing prices as a measure of the development of the real estate industry,panel data of 30 provinces in China,constructing a dynamic panel model,subregional and time-sharing,empirically test the relationship between real estate industry development and total factor productivity of manufacturing.The results show that,on the whole,the overheated development of the real estate industry has significantly hindered the improvement of the total factor productivity of the manufacturing industry. From a regional perspective,the negative impact of the real estate industry on the total factor productivity of the manufacturing industry is decreasing from the east to the west.From a time perspective,the impact of the real estate industry on the total factor productivity of the manufacturing industry is obviously inverted "U"type.

DOI

10.16315/j.stm.2020.02.007

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