Abstract:
Using China Family Panel Studies(CFPS) dataset, this paper examines the effects of household leverage on household consumptions, as well as the differences of the effects among different consumptions and between urban and rural households. We show that household leverage negatively correlates with spending. However, households with higher leverage tend to spend and consume more when their wealth changes. Household leverage has a significantly negative impact on the development and enjoyment of consumption while it exerts a positive influence on survival consumption which is more sensitive to wealth fluctuations. As far as the differences between urban and rural households, leverage dampers the spending of urban households and promotes consumption especially survival consumption of rural households which is more sensitive to wealth fluctuations as leverage increases. The results implicate that increasing household income and wealth, rather than ‘adding leverage’, is an efficacious method to stimulate consumption and to optimize consumption structure.
潘敏, 刘知琪. 居民家庭“加杠杆”能促进消费吗？——来自中国家庭微观调查的经验证据[J]. 金融研究, 2018, 454(4): 71-87.
PAN Min, LIU Zhiqi. Does ‘Adding Leverage’ Stimulate Household Consumption?Evidence from Chinese Household Survey. Journal of Financial Research, 2018, 454(4): 71-87.
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