Housing Value And Household Consumption

With the rise of housing price,the value of the assets that at the core of housing,which has become an increasingly important determinant of consumer spending.This paper mainly examines the influence of family housing value on household consumption under credit constraint,and it also conduct the study of heterogeneity under the angle of housing ownership,urban and rural differences,income difference and real estate residential difference.First,through a family cross-phase consumption model,it is proved that when the credit constraint exists,the consumption of the family will be greatly affected by the housing value,and two hypotheses can be tested.Then,this paper used CFPS data firstly and used the OLS regression,has carried on the empirical test of the two hypotheses.the empirical analysis mainly includes the following four points:First,we found that the rising housing value,to a certain extent,increased the consumer spending of family,and relative to the Nonresidential assets,the impact of housing value on household consumption is much larger than Nonresidential assets;Second,when the family credit constraints exist,it is restrained that the ability of which the rising housing values will increase household consumption,when families are not affected by the credit constraints or the credit constraints is very loose,the ability of which rising housing values increase household consumption is not subject to significant influence;Third,different categories of sample both have significant positive effects for the impact of housing value on household consumption,but the degree of influence is slightly different.Fourth,In the terms of the influence of credit constraints on the real estate wealth effect,for the household of having house,living in city,having different income and having one real estate,credit constraints have significant influence on the real estate wealth effect,but for the household of no house,living in rural and having multiple house,credit constraints have no significant influence on the real estate wealth effect.