The impact of housing wealth on household financial investment

被引：0
|
作者：
Li, Chuyan [1 ]
Liang, Yinhe [1 ]
Qin, Fan [2 ]
机构：
[1] Cent Univ Finance & Econ, Sch Econ, Beijing, Peoples R China
[2] Peking Univ, Sch Econ, Beijing 100081, Peoples R China
来源：
APPLIED ECONOMICS | 2024年
基金：
中国国家自然科学基金;
关键词：
Housing wealth; financial investment; housing policies; regression discontinuity design; G11; O18; R21; MARKET PARTICIPATION EVIDENCE; PORTFOLIO CHOICE EVIDENCE; PRICES; CONSUMPTION; CONSTRAINTS; EQUITY; RATES; HOME;
D O I：
10.1080/00036846.2024.2393456
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper exploits the discontinuity in housing size resulting from China's housing policies to identify the effect of housing wealth on household financial investment using a Regression Discontinuity (RD) design. We find that an unexpected appreciation in housing wealth significantly increased financial investment both on the extensive and intensive margins. Further investigation provides evidence for two potential mechanisms, including the pure wealth effect and the risk-buffering role of housing wealth. The minimal importance of the borrowing collateral channel can be attributed to the immature mortgage market in China.
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页数：17
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