Does Household Mortgage Really Restrain Consumption? an Analysis Based on the Data of China Family Panel Studies in 2018

Huaming Wang

Journal of Applied Finance & Banking, 2020, vol. 10, issue 6, 1

Abstract: Study on household mortgage has profound significance to better understand the economics. This paper finds that the household mortgage plays a positive role on consumption by examining the data of CFPS in 2018. Using the model that introduces interaction term, we argue that the mortgage has an income-effect for the comparatively low interest rate. The empirical result also shows the income-effect is greater in the “initiative mortgage households†. JEL classification numbers: G21, D12, D14. Keywords: Consumption, Household mortgage, CFPS, Income-effect.

Date: 2020
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