Spatial Econometric Analysis Of The Consumption Of Domestic Urban Residents

The domestic residents'high-saving phenomenon has raised significant attentions in academic area in recent years and more and more experts are trying different ways to quantificationally define the influence of uncertainty and liquidity constraint inflicting upon the residential consuming behavior. However, all the researches are carried out without reckoning the influence of spatial effects inflicting upon the residential consuming behaviors. With the rapid developments of economy and technology, the liquidity of information, labor, resource and commodities between different zones is becoming more intensive and the economic relations also become much closer. Whilst the residents are enjoying all the conveniences, their consuming behaviors are bound to be influenced by the consuming level of residents from the adjacent areas.This paper establishes the spatial panel data model by modifying the previous precautionary saving model. And we come to the conclusions as below:First, the residents'consuming behaviors in China is with spatial dependence. Both the simple Cross-Section data analysis and the panel data analysis show that the Chinese city residents' consuming behaviors is obviously with spatial dependence. And as a result of the panel data analysis, the contiguity residents'consuming behaviors not only influence the local residents' consuming behaviors by the spatial lag in consuming increase rates, but also influence the local residents'consuming behaviors by impacting the error of local residents'consumption; Secondly, the coefficients of relative prudence concluded from the spatial lag panel data model and spatial error panel data model are respectively4.12and4.02while that concluded from common panel data model is4.46, which indicates that as a result of the lack of reckoning the spatial effects, the influence of the consuming uncertainties inflicting on the residents'consuming behaviors is overestimated by using the common analyzing methods. Thirdly, the disposable income of residents and anticipated consumption increase are negatively correlated, and the disposable income increase is able to relieve the liquidity constraint; while the educational and health care expenditures are positively correlated, which increase the residents'potential consumption liquidity constraint and decrease the residents'expenditures and increase the residents'savings. At last, the existence of spatial effects decreases the relieving effects that the residents'disposable income increase inflicts upon the liquidity constraint, thus the potential liquidity carries less influence on the anticipated consumption. Therefore, in the long term, the spatial effects can smooth the residents'consumption of life.This paper will carry out a research on the residents'consuming behaviors by using the spatial econometrics method, which fill a gap of a spatial econometrics research on consumption and also provides a new perspective for the future research.