摘要
本文采用月度数据,基于SVAR模型的估计,结果表明,房地产价格的上涨导致消费减少,这可能是由于在城市化进程中,一方面,我国还不允许对住房拥有者发放住房增值贷款,因而,住房拥有者不能因为房地产价格的上涨而扩大消费;另一方面,对准备购房者而言,由于房地产不易分割,房地产价格上涨使得他们增加储蓄,从而减少消费。
Using monthly data,based on the estimated of SVAR model in this article,the results show that housing price going up led to consumption reduced,which may be due to in the process of urbanization,on the one hand,it does not allow homeowners to get home equity extraction,thus,homeowners cannot increase consumption: on the other hand,in terms of ready buyers,to split house is not easy,so housing price going up makes them to save more,thereby reducing consumption.
出处
《现代财经(天津财经大学学报)》
CSSCI
北大核心
2012年第2期48-56,共9页
Modern Finance and Economics:Journal of Tianjin University of Finance and Economics
关键词
消费的生命周期假说
财富效应
住房增值贷款
life cycle hypothesis of consumption
wealth effect
home equity extraction