How do housing price and sentiment affect consumption distribution in China?
How do housing price and sentiment affect consumption distribution in China?
复制标题
DOI：
10.1016/j.habitatint.2018.01.001
复制
发表时间：
2018-07
影响因子：
6.8
通讯作者：
E. Hui;Zhaoyingzi Dong;Shenghua Jia
中科院分区：
文献类型：
--
作者：
E. Hui;Zhaoyingzi Dong;Shenghua Jia
考虑到以往的研究缺乏对住房市场情绪的探索，本文采用面板数据分位数回归（QRPD）来研究中国房价和住房市场情绪如何影响业主和租户在生命周期中的非住房消费分布。研究结果表明，房价对消费的正向影响在分布的高位和低位部分较强，且对于业主而言，年龄造成的差异更为显着。此外，房地产市场情绪对业主和最高消费租户的消费起着重要作用。 QRPD 结果的异质性表明最小二乘法提供的信息较少。本研究为政府针对不同家庭制定不同的住房政策策略，帮助家庭从住房市场的发展中受益，从而增加社会福利和公平提供了现实意义。
Considering the lack of exploration of housing market sentiment in previous work, this paper uses quantile regression for panel data (QRPD) to investigate how housing price and housing market sentiment affect non-housing consumption distributions among owners and renters during their life cycles in China. The results show that the positive effect of housing price on consumption is stronger at the higher and lower parts of the distribution, and the differences caused by ages are more significant for owners. Furthermore, the housing market sentiment plays a significant role in owners' and highest-consuming renters' consumption. The heterogeneities in QRPD results suggest that the least square method provides less information. This study offers practical implication for governments in conducting different housing policy strategies for different households so as to help households benefit from the development of housing market and hence increase social welfare and equality.