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

doi:10.12094/1002-7246（2017）08-0050-17

Journal of Financial Research

2017, Vol. 446

Issue (8): 50-66 DOI: 10.12094/1002-7246（2017）08-0050-17

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Changes in Value of Housing, Consumption of Urban Residents and Heterogeneity of Wealth Effect: Analysis Based on the Data of CFPS

ZHANG Hao, YI Xingjian, ZHOU Cong

School of Finance, Guangdong University of Foreign Studies

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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.

Key words： Consumption of Urban Residents Wealth Effect Value of Housing Heterogeneity

Received: 11 August 2016 Published: 18 January 2018

JEL分类号:	D12
	R22

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	ZHANG Hao
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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[J]. Journal of Financial Research, 2017, 446(8): 50-66.

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http://www.jryj.org.cn/EN/10.12094/1002-7246（2017）08-0050-17 OR http://www.jryj.org.cn/EN/Y2017/V446/I8/50

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