Household Portfolio Selection and Housing Market

我分析了为什么日本家庭投资风险较低的金融资产（股票和债券）。他们的金融投资组合选择与转售住房市场中自有住房的非流动性有关。在日本，大部分家庭都有自己的房子，但二手房的流通量很低。事实上，二手房交易只占整个市场的10%左右，这意味着出售自有住房并不容易。另一方面，在美国和许多欧洲国家，这一比例超过70%（二手房是最常见的交易），其他风险金融资产在家庭投资组合中的比例也很高。通过对日本家庭数据的理论模型和计量经济学分析，展示了自有住房清算风险如何影响家庭投资组合配置，并回答了关于日本家庭风险规避投资组合行为的一个重要问题。

I analyzed why Japanese households invest in less risky financial assets(stocks and bonds). Their financial portfolio selections are linked to the non-liquidity of the owner-occupied housing in the resale housing market. In Japan, most Japanese households own houses, but the circulation of secondhand housing is very low. In fact, secondhand housing transactions make up only about 10% of the total market, which means selling owner-occupied housing is not easy. On the other hand, in America and many European countries, the shares are over 70%(used houses are the most common transactions), and other risky financial asset shares in household portfolios are also high. I have shown how the liquidation risk of the owner-occupied housing affects household portfolio allocation by using the theoretical model and econometric analysis of the Japanese household data, and answered an important question about Japanese household risk-averse portfolio behavior.