What drives urban consumption in mainland China? : The role of property price dynamics

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dc.contributor Bank of Finland
dc.contributor.author Chen, Yu-Fu
dc.contributor.author Funke, Michael
dc.contributor.author Mehrotra, Aaron
dc.date.accessioned 2014-09-22T08:00:27Z
dc.date.available 2014-09-22T08:00:27Z
dc.date.issued 2011
dc.identifier.isbn 978-952- 462-708-5
dc.identifier.issn 1456-5889
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/8252
dc.description.abstract 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.
dc.format.extent 35 s.
dc.language.iso eng
dc.relation.ispartofseries BOFIT Discussion Papers
dc.rights https://helda.helsinki.fi/bof/copyright
dc.subject Kiina
dc.subject kulutus
dc.subject kaupungit
dc.subject hinnat
dc.subject kiinteistöt
dc.subject asunnot
dc.subject SP
dc.subject RP
dc.subject RP ST
dc.subject Bofit-kokoelma
dc.title What drives urban consumption in mainland China? : The role of property price dynamics
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-201408072227
dc.subject.jel E21
dc.subject.jel R31
dc.subject.jel C23
dc.subject.jel O53
dc.series.name BOFIT Discussion Papers
dc.series.year 2011
dc.series.number 13/2011
dc.series.sortingnumber 13
dc.date.publication 19.6.2011
dc.contributor.orgunit Institute for Economies in Transition (BOFIT)
dc.description.publication Published in Pacific Economic Review, Volume 22, Issue 3, August 2017: 383–409

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