Analysis Of Household Housing Wealth Effect And Household Consumption Heterogeneity

At the present stage,the focus of domestic residents’ development is to expand the circular economy.For financial policy,the focus is to maintain the stability of financial policy.For house prices,we need to maintain stable prices and expectations.At the same time,the central bank issued the "real estate loan concentration management system",which imposes restrictions on the asset side loan business of banking financial institutions and strictly requires the implementation of the proportion of individual housing loans.How to stabilize house prices,stabilize mortgage leverage and promote consumption under the dual cycle development strategy has become the focus of financial problems.The existing literature mostly analyzes the wealth effect from the perspective of all kinds of family wealth,less from the perspective of family debt,and less research on the introduction of the variable of mortgage leverage.Based on previous studies,this paper attempts to add mortgage leverage and the cross term between mortgage leverage and housing wealth,further analyze the heterogeneity of housing wealth,and adjust the research object to families in Shanghai.CFPS database is currently open to the public for five periods of data.This paper adopts the data of three periods from 2014 to 2018 to establish the fixed individual effect and time effect in the model.It verifies the significance of the impact of housing loan leverage on household consumption for families in Shanghai.For households with housing in Shanghai,the leverage of housing loan has an impact on household consumption.The research conclusion shows that for every 1 percentage point increase in mortgage leverage,the total consumption will increase by 0.651%.At the same time,mortgage leverage can have a positive effect on household consumption together with housing wealth.This paper further analyzes the heterogeneity and makes regression from the perspectives of family income,regional differences and the number of housing assets.The main conclusions are as follows:(1)from the perspective of family income,the consumption of middle-income families is more vulnerable to the impact of mortgage leverage,and the consumption of high-income families will not be affected by mortgage leverage.The higher the family income,the greater the promotion of housing wealth to family consumption.(2)From the perspective of urban-rural development differences,for urban residents,housing loan leverage has a positive effect on consumption level,and the improvement of housing wealth promotes household consumption.However,for rural residents,the housing loan leverage also has a positive effect on the consumption level,but the improvement of housing wealth reduces household consumption.(3)In terms of the number of housing assets,for families with a set of housing,household consumption is affected by housing value and mortgage leverage.However,for families with multiple houses,household consumption is not affected by housing value and mortgage leverage.The research results of this paper can provide some research directions for the research and implementation of policy.Family income has the greatest impact on family consumption,so we need to focus on improving family income.Supervise the credit business and credit products of financial institutions.Families need to reasonably allocate housing wealth in combination with their own situation.In different regions,housing wealth and housing loan leverage have different effects on consumption,so differentiated policies need to be adopted for further implementation.