原文传递
Housing Price, Consumption, and Financial Market: Evidence from Urban Household Data in China
| 题名： | Housing Price, Consumption, and Financial Market: Evidence from Urban Household Data in China |
| 其他题名： | Aron,J.,Duca,J.V.,Muellbauer,J.,Murata,K.,and Murphy,A.(2012)."Credit,housing collateral,and consumption:Evidence from Japan,the UK,and the US."Rev.Income Wealth,58(3),397-423. |
| 正文语种： | 英文 |
| 作者： | Eddie C. M. Hui |
| 关键词： | Housing price;Consumption;Financial marketization;Liquidity constraints;Home ownership |
| 摘要： | This paper aims to establish a new integrated analytic framework, within which to analyze the relationship between housing price and household consumption, financial market, and household characteristics (homeownership and credit conditions) to explore how to use these links to help industry optimization and urban development in the long run. The authors first present a behavioral economic model to show the asymmetric responses of consumption to housing price and the heterogeneous role of financial marketization across different household groups. Then, based on China Family Panel Studies (CFPS) 2010, 2012, and 2014, the authors find urban housing price influences some nonessential expenditure items like education, medical, and transportation, but such influence is subject to financial marketization. Further, the positive moderating effect of financial marketization on consumption is significant on homeowners, particularly for those being constrained. However, this moderating effect is not significant among renters. These heterogeneous responses offer meaningful implications for policy makers in formulating relevant long-term economic strategies that not only spearhead industry optimization and financial policy reform but also transform housing wealth into consumption, along with bolstering economic development in China. |
| 出版年： | 2018 |
| 论文唯一标识： | P-84Y2018V144N02027 |
| 英文栏目名称： | TECHNICAL NOTES |
| doi： | 10.1061/(ASCE)UP.1943-5444.0000431 |
| 期刊名称： | Journal of Urban Planning and Development |
| 拼音刊名(出版物代码)： | P-84 |
| 卷： | 144 |
| 期： | 02 |
| 页码： | 270-282 |
相关文献
- Purchase Motivation, Landscape Preference, and Housing Prices: Quantile Hedonic Analysis in Guangzhou, China
- Impact of the Irrational Rise of Housing Prices on the Mechanism of Advanced Industrial Structure
- Determinants of Housing Prices in Dalian City, China: Empirical Study Based on Hedonic Price Model
- Housing Price, Housing Rent, and Rent-Price Ratio: Evidence from 30 Cities in China
- How Renewal of Urban Villages Affects Their Externalities on Housing Prices: Heterogeneous Analysis from Hangzhou, China
- Expressway Proximity Effects on Property Prices in Hangzhou, China: Multidimensional Housing Submarket Approach
检索历史
应用推荐
