Housing, Wealth, Income and Consumption: China and Homeownership Heterogeneity
利用中国家庭追踪调查数据，研究了住房价值、住房权益、金融资产和家庭收入对城市居民消费的影响，发现中国的住房财富效应远大于发达国家，且消费因住房所有权类型而异。
Abstract Impacts on consumer spending in urban China associated with housing value, housing equity, financial assets and household income are evaluated using longitudinal data from the China Family Panel Studies (CFPS) survey. Findings suggest that the housing wealth effect on household consumption in China is much larger than has been shown for developed economies. The larger impact is prospectively related to structural limits on investing which favor real estate ownership, along with the dominant position of housing in total household wealth. We also find that a household's consumption varies across housing tenure. Homeowners having joint ownership of property on average have the highest consumption propensity, while those having sole ownership of property consume the most in response to appreciation in housing wealth.