流动性约束与消费行为关系的实证研究

Empirical analysis of relationship between liquidity constraints and consumer behaviors

流动性约束是指资本市场的资金流动具有单向性,流动性约束的存在可以提高储蓄水平,降低当期累积消费.通过三阶段生命期界的最优消费模型,证明了流动性约束的定量存在,并通过实证检验发现,我国消费总量中受流动性约束影响的比例达到83.46%.因此,增强信贷市场的流动性,对于扩张有效需求将起重要作用.

The existence of liquidity constraints could increase the saving level, and induce the current consumption. By using the optimal consumption model with three periods, we prove that there are liquidity constraints in the smooth consumption path. We find that about 83.46 percent of consumers are influenced by the liquidity constraints in China. Therefore, enforcing the liquidity in the credit market is important to stimulus the aggregate demand in current conditions.