The Inhibition Effect Of Housing Mortgage On Chinese Household Consumption

The intention of this research is to analysis the inhibition effect of Chinese household consumption by housing mortgage.First of all,this article theoretically analysis Chinese family's consumption decision,proposing two new viewpoint of the inhibition effect;Secondly,this article testify these two viewpoint by empirical analysis.Since the macro-economic data is usually incapable to distinguish the heterogeneous characteristic of different family,this article uses the high quality micro-economic data of Chinese Household Finance Survey(CHFS).This article provides two new evidence of the inhibition effect of housing mortgage:1.The expenditure of the down-payment of housing mortgage change the household asset structure,inducing the newly home-buyers to reduce consumption and increase the deposit.2.The consumption elasticity to the house value is weakened if household mortgage debt is overburdened.The contribution of this article is providing new evidence on the inhibition effect of housing mortgage,providing some reference for the theoretical research and policy-making.