The Effect Mechanism Of Household Debt On Residents' Health Status In China

In recent years,as the financial market increasingly opening and the constant innovation of financial instruments,China takes the leveraged transfer in order to take the real estate inventory.In the meantime,China eases monetary policy and increases the price of house to implement the purpose of local government deleveraging and household inlevraging.On this background,our household debt has increased dramatically.The increasing speed of household debt has an long-term effect on economic and social.One of this influences,it can affect residents' health status.Of course,this problem attracts more and more social attention in China.Meanwhile,looking from the existing literature between household debt and health,We find out that appropriate household debt can smooth consumption,improve life quality and promote economic.And household debt can bring the power to improve the higher income for individuals and families.But excessive level of debt can bring tremendous pressure for families so far as to affect residents' health status.Under the guidance of Healthy China,our country has committed to improve the level of health and significantly improve health equity.During the past 20 years,with the rapidly increasing of real estate price,it expends household debt quickly.This can produce extrusion effect on consumption.Health care spending as an important consumer spending,its income elasticity of demand is relatively high and crowding-out effect is more obvious.Therefore,some scholars think that household debt can reduce domestic investment,and it is not good for the national quality.However,at present there is the lack of systematic and rigorous analysis about the problem in theory.Because of this background,this paper mainly discusses that can household debt affect our residents9 health status?And how does household debt affect our health?This paper takes the health investment,work-time and mental stress as the breakthrough point.Further,we divide rural family and urban family,housing debt and non-housing debt as sample points.Furthermore,we put household assets as moderating effect in the model.Of course,firstly this paper sorts the literatures about household debt,health and the relationship of household debt and health.Also this thesis defines the relevant concepts.Based on the relative existing literatures,we put forward hypothesis and build a simple model of how household debt can affect residents,health status.Then the author takes three-panel data of China Family Panel Survey in 2010,2012 and 2016 to verify the hypothesis.As for multiphase panel data,to overcome time-series data' and cross-section data' multicollinearity,this paper describes fixed effect and random effect in detail.The result can pass hausman test,so fixed effect can be applied to analytical investigation.This paper uses logisitic regression and fixed-effect analysis model,otherwise,we adopt multiple regression and stepwise regression method to explore how household debt can affect residents' health.Through the analysis of the data,the conclusions are as follows:(1)Household debt and self-reported health are significantly positive correlation;(2)Health investment and mental stress partially mediate the relationship between household debt and residents' health status,meanwhile,health investment and mental stress are the effect mechanism of household debt on residents' health status.However,work-time can affect health status,even if it can not mediate the relationship between household debt and residents' health status.(3)Relative to the rural families,health investment and mental stress also partially mediate the relationship between household debt and residents' status in urban families.(4)Relative to the housing debt,health investment and mental stress can play a mediating effect on the relationship between household debt and self-reported health.(5)The more household assets,the less household debt can affect residents' health status.These conclusions are of great significance to understand that what can affect residents' health,they can also offer a new perspective and thinking to further explore household debt,health investment and housing' areas.From the point of view,this paper has a strong practical and theoretical significance.