House buying behavior contributes to significant adjustments in household assets and has an important impact on household financial as-sets.In this article,we conduct a quasi-experi-mental study using the PSM-DID model on micro-data from the China Household Finance Survey(CHFS)for 2017 and 2019,and the results show that house buying behavior promotes the increase of household financial assets.The mechanism analysis shows that house buying behavior promotes the increase of household financial assets by bringing wealth effect,in which risky financial assets increase and non-risky financial assets decrease.Heterogeneity analysis reveals that house buying behavior has a greater impact on household financial assets in coastal areas compared to inland areas.The positive effect of house buying behavior on increasing household financial assets is because the sticky house prices and subjetive well-being greatly weaken the back-ground risk dominated by house price risk,thus suppressing the crowding-out effect,and ultimately the wealth effect dominates the impact of house buy-ing behavior on household financial assets.This implies that household house buying behavior has a positive impact on active capital markets while better satisfying residents'rigid and improved housing needs.
House buying behaviorHouse-hold financial assetsWealth effectCrowding-out effectPSM-DID model
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NSTL
万方数据
