房价波动、收入水平与消费支出

发布时间：2018-02-08 21:40

本文关键词： 房价波动收入水平消费支出面板数据　出处：《重庆大学学报(社会科学版)》2014年01期 　论文类型：期刊论文

【摘要】：房价波动对城镇居民消费的影响引起广泛关注。选取重庆市不同收入水平城镇居民的收入、消费面板数据,以及从重庆"一圈两翼"划分的区域消费差异进行比较,考察了房价波动对收入和消费的影响。引入反映宏观经济水平的人均GDP年度指数和储蓄额年度增长率作为控制变量,利用股票筹资额构造房屋销售价格的工具变量做实证研究。结果表明:房价波动下重庆市城镇居民人均可支配收入与消费支出间存在必然的因果关系,不同收入水平的城镇居民存在明显的消费差异。房价上涨对所有收入水平城镇居民的消费均有挤出效应,房屋财富效应则不明显,当期可支配收入是决定城镇居民房地产消费的最重要因素。提高居民收入水平、调整收入分配结构、加大民生工程投资,是增加消费支出的有效途径。
[Abstract]:The impact of house price fluctuation on the consumption of urban residents has aroused widespread concern. The income of urban residents with different income levels, the consumption panel data, and the regional consumption differences of Chongqing "one circle and two wings" are selected and compared. The effects of house price fluctuation on income and consumption are investigated. The annual per capita GDP index and the annual growth rate of savings are introduced as the controlling variables, which reflect the macroeconomic level. This paper makes an empirical study on the instrumental variables of building sales price constructed by stock raising amount. The results show that there is an inevitable causal relationship between the per capita disposable income and consumption expenditure of urban residents in Chongqing under the fluctuation of house prices. There are significant differences in consumption among urban residents with different income levels. Rising house prices have an crowding out effect on the consumption of urban residents at all income levels, while the effect of housing wealth is not obvious. Disposable income in the current period is the most important factor to determine the real estate consumption of urban residents. Improving the income level, adjusting the income distribution structure and increasing the investment in people's livelihood projects are the effective ways to increase the consumption expenditure.
【作者单位】：重庆理工大学经济与贸易学院;重庆广播电视大学建筑工程系;
【基金】：重庆市教委科技项目
【分类号】：F293.3;F124;F224

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