What drives urban consumption in mainland China? : The role of property price dynamics
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Titel:
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What drives urban consumption in mainland China? : The role of property price dynamics |
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Författare:
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Chen, Yu-Fu
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Funke, Michael
;
Mehrotra, Aaron
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Institution:
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Bank of Finland
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Avdelning / Enhet:
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Institute for Economies in Transition (BOFIT)
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Serie:
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BOFIT Discussion Papers
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Serienumber:
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13/2011 |
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Utgivningsår:
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2011 |
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Utgivningsdatum:
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19.6.2011 |
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Publicerad i:
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Published in Pacific Economic Review, Volume 22, Issue 3, August 2017: 383–409 |
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Sidor:
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35 s. |
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Nyckelord:
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Kiina; kulutus; kaupungit; hinnat; kiinteistöt; asunnot; Bofit-kokoelma
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JEL:
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E21; R31; C23; O53
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Abstrakt:
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This paper adds to the literature on wealth effects on consumption by disentangling house price effects on consumption for mainland China. In a stochastic modelling framework, the riskiness, rate of increase and persistence of house price movements have different implications for the consumption/housing ratio. We exploit the geographical variation in property prices by using a quarterly city-level panel dataset for the pe-riod 1998Q1 2009Q4 and rely on a panel error correction model. Overall, the results suggest a significant long run impact of property prices on consumption. They also broadly confirm the predictions from the theo-retical model. Keywords: Consumption, house prices, China, panel data JEL-Classification: E21, R31, C23, O53. |
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Licens:
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https://helda.helsinki.fi/bof/copyright
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