Research On Microscopic Me Chanism And Macroscopic Effect Of The Impact Of Housing Prices On Household Consumption

With the continuous advancement of economic globalization and the more stable and rational international trade market,expanding domestic demand has become an important way to further stimulate economic growth for many developing countries including China.Relevant research on consumption and domestic demand pointed out that the main factors affecting consumption include the income and wealth stock of residents.In recent years,China's real estate industry has developed rapidly,and this has brought about a rapid rise in housing prices,especially for first-and second-tier cities.In this context and environment,housing has become the main asset of our residents.Therefore,it is of great significance to study the impact of changes in housing prices on household consumption for specific periods and specific targets.Firstly,based on the research background and significance of the relationship between housing prices and household consumption,this paper reviews and analyzes some existing research results,and concludes that there is a big relationship between residential prices and household consumption growth.The difference is caused by different reasons including region,time and research group.Secondly,using the micro-data of the Chinese family tracking survey,the paper conducts an empirical study on the impact of housing prices on household consumption at the national level,and analyzes the impact of this impact on different household groups.The study found that at the national level,housing prices have a significant positive impact on household consumption;for self-owned housing families,the impact of housing prices on their consumption is positive,while for renting households,this effect is negative;The impact of housing prices on household consumption varies from age to age,income level,and households in the region.Subsequently,due to the obvious differences between the regions,the paper focused on Guangzhou,specifically analyzing the short-term and long-term effects of housing prices on household consumption.The paper uses the relevant data from 2006 to 2016 to empirically analyze the impact of changes in real estate prices in Guangzhou on household consumption.The analysis shows that in the case of Guangzhou,the rise in real estate prices has a certain role in promoting household consumption.However,this promotion has a three-year lag period.Finally,according to the analysis of the aforementioned influencing factors,the paper puts forward relevant countermeasures and suggestions from the following six aspects:vigorously develop affordable housing,improve housing security system,standardize housing rental market,improve real estate secondary market,and strengthen real estate land market.Macro-control,levy property tax,advocate rational housing consumption concept and establish an early warning mechanism for excessive housing prices,and severely crack down on behaviors that promote housing prices.