Housing Provident Fund, Mortgage and Households Consumption: An Empirical Study Based on CFPS
KANG Shulong, YU Haiyue, LIU Yuefei
School of Finance/Interdisciplinary Center for Social & Behavioral Studies, Dongbei University of Finance & Economics; Research Bureau, the People’s Bank of China
Abstract:
Housing Provident Fund (HPF) provides discount loan and tax-exempt saving for households and at the same time distorts households’ consumption by exerting interest loss, liquidity constraint and loan restriction on households. Therefore, we plan to evaluate the welfare improvements introduced by HPF through measuring the treatment effect of HPF on households’ consumption. Based on panel data IV-2SLS models, this research shows that HPF has no effect on promoting the consumption of households from two types: without properties and with properties and loan; HPF can only increase the consumption of households with property but without loan. It is necessary to promote the flexibility of mortgage of HPF and lower the liquidity constraint in order to increase households' consumption and welfare.
康书隆, 余海跃, 刘越飞. 住房公积金、购房信贷与家庭消费——基于中国家庭追踪调查数据的实证研究[J]. 金融研究, 2017, 446(8): 67-82.
KANG Shulong, YU Haiyue, LIU Yuefei. Housing Provident Fund, Mortgage and Households Consumption: An Empirical Study Based on CFPS. Journal of Financial Research, 2017, 446(8): 67-82.
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