住房财富家庭债务与家庭消费-DPIProceedings.PDFVIP

2018 3rd International Conference on Society Science and Economics Development (ICSSED 2018) ISBN: 978-1-60595-031-0 Housing Wealth, Household Loans and Household Consumption Hui Jiang1,a and Biao Xu1,b,* 1Nanjing University, Nanjing China ajianghu163.com, bxubiao@ *Corresponding author Keywords: Housing Wealth; Household Loans; Household Consumption; Influence Mechanisms ； Mediating effect. Abstract: Based on the database provided by the China Health and Retirement Longitudinal Survey(CHARLS), this paper investigates the impact of housing wealth and household loans on household consumption and the mechanism between them. The results show that: (1) After controlling the debt impact path, the increase in housing wealth will promote household consumption;(2) Non-housing loans played a mediating role when the housing wealth had impacts on household consumption. Budget constraint of household relaxed along with the increase of housing wealth, and stimulate the consumption; (3) the increase in housing wealth resulting in an increase in housing loan flows but did not squeeze out household consumption. These conclusions will deepen our understanding on the policy of real estate and economic effects of household loans in long-term way. It has important implications for the formulation of current macroeconomic policies of China. 住房财富、家庭债务与家庭消费 1, a 1,b,* 江卉 , 徐彪 1南京大学政府管理学院，南京，中国 ajianghu163.com , bxubiao@ *通讯作者 关键词: 住房财富；家庭债务；家庭消费；影响路径；中介效应检验 中文摘要: 本文将家庭债务划分为住房债务和非住房债务，将这两种债务引入到住房财富对