The Research On Impact Of Rising House Prices On Resident Consumption Expenditure

At present,China is in the steady progress of the "L" economic transformation?The real estate and consumption play a vital role in the development of the national economy.The relationship between house prices and consumption is closely related to the country and each family.It is the basis for the state to formulate policies and the basis for residents to purchase houses.Therefore,studying the impact of housing price fluctuations on household consumption expenditure has profound practical significance.The focus of this paper is around the two main lines of "theoretical research"and "positive analysis".First,describe the research background and significance of the paper.Secondly,combing and summarizing the literature review at Domestic and Foreign,learning from the research perspectives and ideas of the scholars,and discovering the need for improvement.Thirdly,base on the theoretical point of view,the paper analyzes the influence and transmission mechanism of the wealth effect crowding effect and siphon effect between house price and resident consumption.On this basis,analyze the current situation of real estate market and household consumption,and scatter plots are used to analyze the correlation between house prices and resident consumption.Then,establish a panel data model of housing prices and resident consumption,and analyze the impact of housing price fluctuations on resident consumption expenditures from national and inter-provincial regions.Finally,summarize the empirical conclusions and propose policy recommendations.The empirical analysis shows that the impact of rising house prices on resident consumption expenditures across the country is relevant but not significant.From a regional perspective,the impact of housing prices on resident consumption is quite different between the East,Central and West regions.In the more developed regions of the eastern and central regions(central regions 1),the "crowding out effect"caused by the rise in housing prices is gradually stronger than the "wealth effect".In the western region and a few central regions(central regions 2),the"wealth effect"brought about by rising house prices is stronger than the "crowding out effect".Based on this,this paper suggests that government policies can control the relationship between housing prices and household consumption in terms of controlling housing prices,optimizing real estate financial markets,and regional policies.