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Urban residents asset wealth effects on consumption

Author: LiuQianKun
Tutor: QuanZuo
School: Fudan University
Course: World Economy
Keywords: Residents assets Average propensity to consume Wealth effect Crowding
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 68
Quote: 0
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Abstract

This paper describes the development process of China's current economic asset wealth of urban residents grew rapidly, but the residents' willingness to consume has been relatively backward situation. Then, this paper analyzes the use of relevant theories relevant variables affecting the consumer, explaining urban residents housing assets, equity assets and net assets of savings impact the current mechanisms for residents average propensity to consume. This article also uses Chinese 31 provinces from 2002 to 2009 panel data, empirical research on current assets of urban residents consumption. The results show that China's urban residents asset wealth effect on consumption and the Western countries are very different. From the point of view of the overall situation of urban residents equity asset wealth growth on household consumption has a significant crowding out; residents net savings balance growth will squeeze consumer; residents of changes in housing wealth effects although the average propensity to consume is positive, but very weak. It is believed that China's urban residents in housing wealth would increase both consumer generate wealth effect, will produce a sharp rise in prices caused by the crowding-out effect. This data will also be in accordance with China's provinces in central and western provinces, per capita GDP, housing ownership rate difference, the provinces fiscal expenditure livelihood expenditure accounted for the different divisions samples and regression, respectively. Regression results show the wealth of the stock of assets crowding is very stable. In the central and western provinces or underdeveloped provinces, labor income of urban residents accounted for the proportion of disposable income, the current average propensity to consume and the residents there is a positive correlation between. Housing assets in the central and western provinces of crowding or economically underdeveloped provinces more obvious, in the east or the economically developed provinces affected the weak, and the housing assets crowding-out effect on consumption in town renting with the increase of the proportion of households increased large. Our various provinces, regardless of the government in the protection of people's livelihood expenditure accounted for how the increase in household savings asset balance will squeeze people's consumption, which indicates that the Chinese government on the whole urban residents in education, health and social security is not enough being done . Finally, comparing the two countries in view of the consumer, the government's public expenditure, the degree of development of consumer credit, financial market development differences in the extent of the assets of China's urban residents increased wealth effects were not able to play a reasonable explanation of the reasons for .

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