Abstract:
This paper constructs a two periods panel data model with the data from CFPS in 2010 and 2012, and studies the effect of housing value changing to the consumption of urban residents with empirical method. It also analyzes the aspect of housing mortgages and the heterogeneity of the wealth to the wealth effect from the housing value. The results show that the house has significant wealth effect on the consumption of urban residents; The housing mortgage provides the leverage for the housing buyers and makes the wealth effect higher; For the families holding multi-house, the wealth effect is more significant; For the families with smaller housing asset to total asset ratio, the wealth effect is higher and the effect becomes lower as the consumption properties are getting bigger while the investment properties are getting smaller.
张浩, 易行健, 周聪. 房产价值变动、城镇居民消费与财富效应异质性——来自微观家庭调查数据的分析[J]. 金融研究, 2017, 446(8): 50-66.
ZHANG Hao, YI Xingjian, ZHOU Cong. Changes in Value of Housing, Consumption of Urban Residents and Heterogeneity of Wealth Effect: Analysis Based on the Data of CFPS. Journal of Financial Research, 2017, 446(8): 50-66.
J.Aron , Muellbauer, J. , 2006. “Estimates of Household Sector Wealth for South Africa, 1970–2003”, Review of Income and Wealth, 52(2): 285~307.
J.Aron , Muellbauer, J. , 2006. “Estimates of Household Sector Wealth for South Africa, 1970–2003”, Review of Income and Wealth, 52(2): 285~307.
[11]
Attanasio, O. P., L.Blow,R. Hamilton, and A.Leicester,2009. “Booms and Busts: Consumption, House Prices and Expectations”, Economica, 76:20~50.
Attanasio, O. P., L.Blow,R. Hamilton, and A.Leicester,2009. “Booms and Busts: Consumption, House Prices and Expectations”, Economica, 76:20~50.
[12]
Banerjee, A., X.Meng and N.Qian, 2010. “The Life Cycle Model and Household Savings: Micro Evidence from Urban China”, Mimeo, Yale University.
Banerjee, A., X.Meng and N.Qian, 2010. “The Life Cycle Model and Household Savings: Micro Evidence from Urban China”, Mimeo, Yale University.
[13]
Becker, G. S., 1981. “Altruism in the Family and Selfishness in the Market Place”,Econometrica, 48: 1~15.
Becker, G. S., 1981. “Altruism in the Family and Selfishness in the Market Place”,Econometrica, 48: 1~15.
[14]
Buiter, W. H., 2008. “ Housing Wealth Isn't Wealth”, NBER Working Paper, No. 14204.
Buiter, W. H., 2008. “ Housing Wealth Isn't Wealth”, NBER Working Paper, No. 14204.
[15]
Calomiris, C., D.Longhofer, and W.Miles, 2009. “The Mythical Housing Wealth Effect”, NBER Working Paper, No.15075.
Calomiris, C., D.Longhofer, and W.Miles, 2009. “The Mythical Housing Wealth Effect”, NBER Working Paper, No.15075.
[16]
Campell, J.Y.,J. F. Cocco, 2007. “How Do Housing Prices Affect Consumption? Evidence from Micro Data”,Journal of Monetary Economics, 54(3):591~621.
Campell, J.Y.,J. F. Cocco, 2007. “How Do Housing Prices Affect Consumption? Evidence from Micro Data”,Journal of Monetary Economics, 54(3):591~621.
[17]
Carroll, C. D., M.Otsuka, and J.Slacalek, 2011. “How Large is the Housing Wealth Effect? A New Approach”, Journal of Money, Credit and Banking, 43(1):55~79.
Carroll, C. D., M.Otsuka, and J.Slacalek, 2011. “How Large is the Housing Wealth Effect? A New Approach”, Journal of Money, Credit and Banking, 43(1):55~79.
[18]
Engelhardt, G. V. , 1996. “House Price and Home Owner Saving Behavior”, Regional Science and Urban Economies, 36: 313~336.
Engelhardt, G. V. , 1996. “House Price and Home Owner Saving Behavior”, Regional Science and Urban Economies, 36: 313~336.
[19]
Hall, R. E., 1978. “ Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence”,Journal of Political Economy, 86(6): 971~987.
Hall, R. E., 1978. “ Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence”,Journal of Political Economy, 86(6): 971~987.
[20]
Leth-Petersen S., 2010. “Intertemporal Consumption and Credit Constraints: Does Total Expenditure Respond to an Exogenous Shock to Credit?”, American Economic Review, 100(3):1080~1103.
Leth-Petersen S., 2010. “Intertemporal Consumption and Credit Constraints: Does Total Expenditure Respond to an Exogenous Shock to Credit?”, American Economic Review, 100(3):1080~1103.
[21]
Ludvigson, S. C. and C.Steindel, 1998. “How Important Is the Stock Market Effect on Consumption?”,Federal Reserve Bank of New York, Working Paper.
Ludvigson, S. C. and C.Steindel, 1998. “How Important Is the Stock Market Effect on Consumption?”,Federal Reserve Bank of New York, Working Paper.
[22]
Mian, A., A.Sufi, 2011. “House Prices, Home Equity–based Borrowing, and the Us Household Leverage Crisis”, American Economic Review, 101(5): 2132~2156.
Mian, A., A.Sufi, 2011. “House Prices, Home Equity–based Borrowing, and the Us Household Leverage Crisis”, American Economic Review, 101(5): 2132~2156.
[23]
Modigliani, F. and S. L. Cao, 2004. “The Chinese Saving Puzzle and the Life Cycle Hypothesis”,Journal of Economic Literature, 42(1): 145~170.
Modigliani, F. and S. L. Cao, 2004. “The Chinese Saving Puzzle and the Life Cycle Hypothesis”,Journal of Economic Literature, 42(1): 145~170.
[24]
Poterba, J. M., 2000. “Stock Market Wealth and Consumption”,Journal of Economic Perspectives, (14):99~118.
Poterba, J. M., 2000. “Stock Market Wealth and Consumption”,Journal of Economic Perspectives, (14):99~118.
[25]
Schultz, T. P., 2001. “The Fertility Transition: Economic Explanations”, Economic Growth Center Discussion Paper, No. 833.
Schultz, T. P., 2001. “The Fertility Transition: Economic Explanations”, Economic Growth Center Discussion Paper, No. 833.
[26]
Sinai, T. and N. S.Souleles, 2005. “Owner-occupied Housing as a Hedge Against Rent Risk”, Quarterly Journal of Economics, (5): 763~789.
Sinai, T. and N. S.Souleles, 2005. “Owner-occupied Housing as a Hedge Against Rent Risk”, Quarterly Journal of Economics, (5): 763~789.
[27]
Wei S. J., X. B.Zhang, 2011. “The Competitive Saving Motive: Evidence from Rising Sex Ratios And Savings Rates in China”,Journal of Political Economy, 119(3): 511~564.
Wei S. J., X. B.Zhang, 2011. “The Competitive Saving Motive: Evidence from Rising Sex Ratios And Savings Rates in China”,Journal of Political Economy, 119(3): 511~564.
