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| Housing Provident Fund, Mortgage and Households Consumption: An Empirical Study Based on CFPS |
| KANG Shulong, YU Haiyue, LIU Yuefei
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School of Finance/Interdisciplinary Center for Social & Behavioral Studies, Dongbei University of Finance & Economics;
Research Bureau, the People’s Bank of China |
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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.
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Received: 22 February 2017
Published: 18 January 2018
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