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房地产泡沫与家庭消费的房产财富效应
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TitleHousing Bubbles and Housing Wealth Effect  
作者何兴强 杨锐锋  
AuthorHe Xingqiang and Yang Ruifeng  
作者单位中山大学岭南学院 
OrganizationLingnan College, Sun Yat-sen University 
作者Emailhexq@mail.sysu.edu.cn;yangrf3@mail2.sysu.edu.cn 
中文关键词消费 房产财富效应 房地产泡沫 房价收入比 
Key WordsConsumption; Housing Wealth Effect; Housing Bubbles; Housing-Price-to-Income 
内容提要本文运用国家统计局2009年“中国城镇居民经济状况与心态调查”数据,采用房价收入比衡量房地产泡沫,实证研究房地产泡沫对家庭消费房产财富效应的影响,并进一步考察拥有两套及以上住房、有房出租、拥有大小产权房和不同收入阶层家庭消费的房产财富效应受房地产泡沫影响的差异。研究发现:房地产泡沫高显著削弱了家庭消费的房产财富效应。拥有两套及以上住房、有房出租家庭消费的房产财富效应受房地产泡沫的弱化影响更小;拥有大产权房可在一定程度上抵御房地产泡沫对家庭消费房产财富效应的弱化影响,而拥有小产权房却不能;高收入家庭消费的房产财富效应抵御房地产泡沫弱化影响的能力更强。上述发现具有较丰富的政策含义。 
AbstractUsing China urban household survey data collected from 41 cities in 2009, with housing-price-to-income ratio as a proxy variable of housing bubble, we investigate whether the housing bubble affects the housing wealth effect of household consumption. We also examine the impact of housing bubble on housing wealth effect of different households, including those who own two or more houses, have houses rented to others, own commercial houses and non-commercial houses, and households at different income level. Our main findings are as follows: High housing bubble impairs the effect of housing wealth on consumption. Confronted with housing bubble, the housing wealth effect of households who own two or more houses, or have houses rented to others suffers less impairment; Owning commercial houses alleviates the impairment of housing bubble on housing wealth effect, whereas owning non-commercial houses does not; households with higher income suffer less impairment than those with lower income. The above findings suggest rich policy implications. 
文章编号WP1225 
登载时间2017-09-21 
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