An Empirical Study On The Impact Of Housing Credit On Urban Residents' Consumption In China

Consumption,as one of the "troikas" driving economic growth,plays an important role in driving China's economic development.according to the theory of intertemporal consumption,credit will affect residents' consumption choices.Residents usually use credit to buy a house,and due to the large amount of credit funds for housing,the impact of housing credit on consumption has to attract our attention.On the one hand,housing credit enables funds to be allocated in different periods,which reduces the constraints on liquidity of the fund and increases consumption.On the other hand,under the condition that the income level of residents is unchanged,the later payment of housing credit funds will crowd out residents in other aspects of consumption.Although there are more studies on the impact of credit on household consumption,there is less research on the impact of housing credit on household consumption.Increasing the research on the relationship between housing credit and household consumption will not only test the implementation effect of housing credit policy in China,but also provide a theoretical basis for exerting the role of consumption in boosting the economy.This paper summarizes previous studies on the impact of housing credit on Residents' consumption,learns the existing literature research status,and grasps the opinions and conclusions of existing research;analyzes the development of housing credit in three aspects from The distribution of housing credit in households with different incomes,the distribution of housing credit in households with different life cycles,and the proportion of housing credit in residents' consumption;analyzes the status of consumption from the perspectives of urban residents 'consumption levels,the upgrade of durable goods consumption level and the upgrade of non-durable goods consumption structure.Then it explains the theoretical basis of consumption and analyzes the ways in which housing credit has an effect on residents' consumption;based on micro-family data from the China Household Financial Survey(CHFS),empirical method is used to establish a panel model to analyze the impact of housing credit on urban residents 'consumption,and the study concludes that housing credit in general has a stimulating effect on household consumption;Under the condition of incomeheterogeneity,housing credit mainly inhibits the consumption of low-income households,and has a significant stimulating effect on non-durable consumption of high-income households;Under the condition of heterogeneous family life cycle,housing credit has stimulating effect on elderly households consumption,and it has a restraining effect on the consumption of young families.According to the conclusions of the study,it is proposed that we should give play to the stimulating effect of housing credit on consumption,and differentiated housing credit policies should pay more attention to low-income groups and young families,and promote policy recommendations in improving the supply of goods and services.