An Empirical Study On The Real Estate Wealth Effect Of Chinese Urban Residents

The fluctuation of housing prices will cause the total value of housing wealth to change.Residents,confidence,expectations and ability to change,and ultimately through the residents of consumer behavior on the overall economy have an impact in the case of the same extermal conditions.This article explores the real estate wealth effect of Chinese urban residents.The first,this study uses the accumulated time series data to study the impact of housing prices on household consumption from the national dimension.This paper looks into the relationship between residents' disposable income,housing property,financial assets and other influencing factors and consumption of residents from the consumption situation of Chinese urban residents in 2003-2016.By regression fitting,this study estimates the extent to which each explanatory factor affects household eonsumption.The paper foeuses on the mechanism of housing property for the consumption of residents,and studies the housing wealth effect of the whole country in the case of robust model.The second,the article analyzes the impact of the housing price on the residents' consumption and focuses on the existence of housing wealth between the existence of what kind of differences and possible links from the regional dimension.In this paper,provincial panel data for the country and 31 provinces(autonomous regions or municipalities)from 1998 to 2015 are used to establish a measurement model for real estate wealth effect,and we tested the real estate wealth effect empirically.The conclusion is:First,the family characteristics of the residents is the main factor affecting the consumption of residents;Second,the dual characteristics of housing determines the residents of housing prices and housing area of the degree of preference,but also by the entire market efficiency constraints;Third,residents of housing priees is expected to a large extent affect their own consumer behavior;Fourth,There is a significant real estate wealth effect in the long-term,national,eastern and central regions,while the wealth effect in the western region is not significant.Fifth,In the short term,the housing wealth effect of residents has significant lagging characteristics.This can provide a useful reference for regulating the housing market and improving the residents' spending ability.