Urbanization,Housing Demand and Household Leverage
Based on the data of China Family Panel Studies(CFPS),this paper studies the impact of the registered resi-dence status conversion on household leverage in the process of urbanization from the family micro level.The benchmark estimation results show that the conversion of registered residence status pushes up household leverage.The mechanism analysis shows that the conversion of registered residence status leads to new housing demand of families,which prompted them to buy houses in debt to smooth consumption,leading to the increase of family leverage.Further research finds that registered residence status conversion improves the consumption level of families and increases the probability of excessive debt of families.The results of heterogeneity analysis show that for families with low education level,middle income fami-lies and families with heavy childcare burden,registered residence status conversion has a more significant impact on family leverage.
registered residence status conversionhousing demandhousehold leveragehousing mortgage
万方数据
维普
