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Housing wealth appreciation and heterogeneous household consumption: Evidence from China

PloS one, 2023-10, Vol.18 (10), p.e0289712-e0289712 [Peer Reviewed Journal]

COPYRIGHT 2023 Public Library of Science ;2023 Qi et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;2023 Qi et al 2023 Qi et al ;2023 Qi et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0289712

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  • Title:
    Housing wealth appreciation and heterogeneous household consumption: Evidence from China
  • Author: Qi, Yingying ; Yu, Guohua ; Liu, Xiang ; Ren, Yuanming
  • Trinidad Segovia, J. E.
  • Subjects: Borrowing ; Consumption ; Consumption (Economics) ; Credit cards ; Dwellings ; Earth Sciences ; Economic aspects ; Economic conditions ; Economic growth ; Evaluation ; Expenditures ; Financial institutions ; Households ; Houses ; Housing ; Housing prices ; People and Places ; Per capita ; Real estate financing ; Rents ; Social Sciences
  • Is Part Of: PloS one, 2023-10, Vol.18 (10), p.e0289712-e0289712
  • Description: In this paper, we develop a DSGE model including heterogeneous households, introduce the financial friction of credit constraint mechanism, and study the impact of house price shocks on the consumption of heterogeneous household. Based on this, the CHFS data in 2011, 2013, 2015, 2017, and 2019 were used to test the marginal propensity to consume for housing wealth appreciation under different credit constraints. Results show that: Firstly, the financial accelerator mechanism plays an important role in the transmission of housing price shocks to household consumption. The looser the degree of credit constraints, the more obvious the rise in housing prices will be to the consumption expenditure of borrowing household. Secondly, the impact of housing wealth appreciation on household consumption under different credit constraints is heterogeneous. Among them, housing wealth appreciation has a significant positive impact on household consumption expenditure with multiple houses, credit cards, non-loan restrictions, while the marginal effect on the consumption expenditure of households with only one house, loan limited, and no credit cards decreases. Thirdly, for every 1% increase in the housing wealth appreciation, household consumption will increase significantly by 0.10-0.14%.
  • Publisher: San Francisco: Public Library of Science
  • Language: English
  • Identifier: ISSN: 1932-6203
    EISSN: 1932-6203
    DOI: 10.1371/journal.pone.0289712
  • Source: GFMER Free Medical Journals
    PubMed Central
    Public Library of Science (PLoS)
    ProQuest Central
    DOAJ Directory of Open Access Journals
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