How does housing security affect the average consumption propensity? - Evidence from China

IF 7 1区 经济学 Q1 DEVELOPMENT STUDIES
Hao Xu, Zeyu Lin
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引用次数: 0

Abstract

This study employs Chinese provincial panel data and data from the China Family Panel Studies (CFPS) to examine the impact and underlying mechanisms of housing security expenditure (HSE) on average propensity to consume (APC), as well as the nonlinear moderating effect of government size (GS). The results indicate that HSE significantly enhances APC at both macro and micro levels. Regarding mechanisms, HSE exerts dual positive effects: On one hand, it effectively alleviates the liquidity constraints faced by supported households; on the other hand, it provides these households with convenient access to public services and employment opportunities, which helps reduce the uncertainties they encounter. All these positive effects enhance their APC. Heterogeneity analysis indicates that compared with HSE, which provides ownership-type indemnificatory housing, HSE, which provides rental-type indemnificatory housing, can more significantly enhance APC. Meanwhile, HSE demonstrates pronounced pro-poor traits. It has a more substantial enhancing effect on APC among low-income households and those living in economically underdeveloped regions. Moreover, GS plays an “inverted U-shaped” moderating role in the positive relationship between HSE and APC, particularly evident in China's central and western regions. The conclusions drawn from this study are conducive to a deeper understanding of the relationships among HSE, GS, and APC. Moreover, they offer a robust theoretical basis and ample empirical evidence to help developing countries more effectively optimize their housing security policies, taking the expansion of domestic demand as a strategic pivot, and devise relevant institutional reform plans.
住房保障如何影响平均消费倾向?——来自中国的证据
本研究采用中国省级面板数据和中国家庭面板研究(CFPS)数据,考察了住房保障支出(HSE)对平均消费倾向(APC)的影响和潜在机制,以及政府规模(GS)的非线性调节效应。结果表明,HSE在宏观和微观水平上均能显著提高APC。在机制上,HSE发挥了双重积极作用:一方面,它有效缓解了支撑户面临的流动性约束;另一方面,它为这些家庭提供了便利的公共服务和就业机会,这有助于减少他们遇到的不确定性。所有这些积极的影响都提高了他们的APC。异质性分析表明,与提供所有权型保障性住房的HSE相比,提供租赁型保障性住房的HSE能更显著地提高APC。同时,HSE表现出明显的亲贫特征。它对低收入家庭和经济欠发达地区家庭的APC有更实质性的增强作用。此外,GS在HSE与APC的正相关关系中具有“倒u”型调节作用,在中国中西部地区尤为明显。本研究的结论有助于更深入地理解HSE、GS和APC三者之间的关系。为发展中国家以扩大内需为战略支点,更有效地优化住房保障政策,制定相关制度改革方案提供了坚实的理论基础和丰富的实证证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.50
自引率
10.30%
发文量
151
审稿时长
38 days
期刊介绍: Habitat International is dedicated to the study of urban and rural human settlements: their planning, design, production and management. Its main focus is on urbanisation in its broadest sense in the developing world. However, increasingly the interrelationships and linkages between cities and towns in the developing and developed worlds are becoming apparent and solutions to the problems that result are urgently required. The economic, social, technological and political systems of the world are intertwined and changes in one region almost always affect other regions.
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