Housing Purchase Restriction,Population Aging and Household Financial Asset Allocation
The impact of housing purchase restrictions on household financial asset allocation in China,especially in the context of population aging,is a critical concern for both policymakers and industry stakeholders.This study uti-lizes data from the Urban Household Survey in China and employs a differences-in-differences method to examine this issue.Our findings indicate that,compared to cities without purchase restrictions(NPC),households in cities with pur-chase restrictions(RPC)tend to increase their holdings of risky and non-liquid financial assets following the implementa-tion of these policies.Furthermore,when accounting for population aging,we observe that cities with a high elderly de-pendency ratio experience a limited impact of housing purchase restrictions on the financial asset allocation of single-household families.This is attributed to increased risk aversion and higher liquidity demands.Conversely,in cities with higher life expectancy,the extended lifespan of elderly individuals leads to higher household savings rates,resulting in a longer-term structure of financial asset allocation in response to housing purchase restrictions.This study enhances our understanding of the interplay between real estate market developments and financial markets amidst population aging.It also provides valuable insights for the establishment of long-term real estate regulatory mechanisms from a demographic perspective,thereby supporting the healthy and orderly development of the capital market.
Real estateAging financeSilver economyHousehold financeAsset management
NETL
NSTL
万方数据
