Study On The Influnce Of Householddevt Debt On Consumption Expenditure

With the arrival of the new era of socialism,in order to promote the sound and rapid development of national economy,we should start from the domestic demand,introduce policies to encourage national consumption,create a good market consumption environment,through the domestic demand to promote economic growth,so as to get out of the development predicament.According to relevant theories,the emergence of debt has its inevitability,which is to meet the needs of people for smoothing inter-temporal consumption.But from a practical point of view,there are still problems of weak consumption and a large proportion of household debt.It can be seen that although there is a phenomenon of household debt,most of the funds have not entered the real economy and market.The main reason for this is that housing loans account for a disproportionate share of household debt.Compared with non-housing debt,housing loan has its unique characteristics in terms of borrowing and repayment.Its most prominent feature is that it causes households to reduce expenditure,which results in the cash that households have will not enter the market.However,the aggregate debt analysis method used in most current studies cannot fully account for the impact of such differences.This paper studies the impact of household debt on consumption expenditure.In view of the above problems,using the method of structural dismantling,debt is divided into housing debt and non-housing debt,focusing on the impact of non-housing debt on household consumption and total consumption changes in the current period.This paper makes comprehensive use of classical consumption theory,consumption habit theory and social comparison theory to explore the mechanism of non-housing debt on household consumption.In addition,it also points out the mediating role of individual and self-care accounting.In this paper,OLS regression model was established to verify its impact on household consumption changes by introducing independent variable non-housing debt and a series of control variables.The results show that at present,households have the problem of borrowing,so they are less willing to consume,and the impact of wealth consumption effect is larger.At the same time,non-housing debt will boost total household spending in the beginning.This indicates that,under the background of supply-side structural reform,households can only temporarily increase initial consumption by increasing non-housing debt,but cannot directly and effectively continuously increase consumption,treating the symptoms rather than the root causes.The fundamental way to promote consumption growth is to increase household income and total household assets.Finally,the regulation effect of inclusive finance index is discussed.This paper has the following innovation points.First,the research perspective is different.This paper starts from the perspective of nonhousing debt.Secondly,this paper also takes the debt service ratio as the standard to evaluate the debt level.Compared with the asset-liability ratio,the debt service ratio is more appropriate.Thirdly,this paper also discusses the influence of this non-housing debt on the change of household total consumption and current consumption.