Research on the Impact of Household Leverage Ratio on Consumer Expenditure
The resident asset liability survey is an institutional annual statistical survey conducted by the People's Bank of China since 2019.This survey is an important way for the central bank to analyze the financial asset liability situation of residents,study the debt paying ability of the household sector,and make macroeconomic decisions.The current situation of household leverage is generally increasing.In order to explore the impact of household leverage on consumption expenditure,this article is based on the asset liability survey data of urban households in Jilin Province,and develops five indicators that can reflect household leverage.A multiple linear regression model is constructed to study the impact of increasing leverage on consumption propensity.Research has shown that household leverage ratio mainly has a negative effect on consumption expenditure,and the asset liability ratio indicator has the most significant inhibitory effect on household consumption expenditure;The impact of this indicator on household consumption mainly exists in young groups(33 years old and below),large households(4 people and above),and middle-income households,with a more significant impact on it.
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