Research On The Impact Of Housing Prices On Urban Residents' Consumption In My Countr

Chinese real estate market has gone through a course of 40 years and has become relatively mature.In the real estate market,the house price has always been one of the focus of people’s attention.In recent years,with the rise of the house price,more and more families are unable to afford it.In order to restrain the rapid rise of housing price,the government began to take various measures to control the high housing price,in order to promote the consumption of urban residents.However,scholars at home and abroad have studied the effect of housing price on urban residents’ consumption,but have not reached the same conclusion.Therefore,it is particularly important to study the influence mechanism of housing price fluctuation on the consumption level of urban residents.In this context,this thesis makes an in-depth study of the mechanism of the impact of real estate price fluctuations on the consumption level of urban residents,which is not only conducive to the sound development of the real estate market,but also has certain theoretical and practical significance for improving the living standards of urban residents and coordinating the sound development of the economy.Based on the theory of consumption function,this study summarized the action path of housing price on urban residents’ consumption,and constructed a mathematical model to investigate the difference of housing price’s influence on different household consumption behaviors.In view of the imbalance of inter-regional development,this study uses cluster analysis to divide 31 provinces in China(excluding Hong Kong,Macao and Taiwan)into three categories.The fixed effect regression model is used to study the influence of housing prices in different regions on urban residents’ consumption.First of all,starting from the impact of housing price on urban residents’ consumption,this thesis expounds the theories of consumption expenditure,house purchase expenditure and urban residents’ absolute income,relative income,life cycle,lasting income theory and loss aversion hypothesis,and analyzes the influence of housing price on urban residents’ consumption of wealth effect,crowding out effect and "siphon effect-transmission mechanism" from a theoretical perspective.Secondly,the empirical research on Chinese real estate market and urban residents’ consumption is conducted from the data.Through the analysis of housing price fluctuation,housing price income ratio,real estate investment ratio and other indicators,it is found that different provinces and regions have different dependence on real estate,and the per capita consumption growth rate of urban residents is an important factor affecting housing price and urban residents consumption.After that,the panel data model with housing price and urban residents’ consumption as variables is established.Based on the relevant data of per capita disposable income of Chinese urban residents and housing sales area released by the National Bureau of Statistics,this thesis uses co-integration test,Granger causality analysis and impulse response function to conduct an empirical study on the impact of real estate price fluctuations on the consumption of Chinese urban residents.Finally,according to the above theoretical research and empirical analysis,put forward relevant policy recommendations.On the basis of the research conclusions,this thesis proposes that the policy should tend to reasonably regulate the housing price,optimize the real estate financial market and regional policies.