Household Debt and Risk Tolerance: Evidence From China
利用中国家庭金融调查数据，研究发现户主风险容忍度与家庭总债务及非住房债务正相关，且农村家庭中风险容忍度对住房债务持有概率有正向影响，而城市家庭中无此关系。
Abstract This paper examines the relationship between the head of household's risk tolerance and household debt in China for a sample drawn from the China Household Finance Survey, 2011, 2013, 2015 and 2017. The effect of risk tolerance on both the decision to hold and the amount of total household debt, housing debt and non‐housing debt held is analyzed. The key findings indicate that risk tolerance is positively associated with household debt and non‐housing debt. Differences are found in the effect of risk tolerance on household debt across rural and urban households. For example, there exists a positive relationship between risk tolerance and the probability of holding housing debt for rural households while such a relationship is not found for urban households. In addition, the effect of risk tolerance on household debt is larger for rural households.