Housing Price and Fertility Intention:Evidence fromthe Asymmetric Effects of Household Leverage Ratio?
The decline in housing price in recent years has highlighted the debt risk of many highly leveraged households,and its im-pact on residents'fertility intention is a very important but easy-to-neglect issue.Using the 2018 China Family Panel Studies(CF-PS),this study examines the impact of housing price levels on household fertility intentions from the perspective of asymmetric effects of household leverage.The results indicate that the wealth effect of high housing price on residents'fertility intention does not exist,and the net effect of income effect and substitution effect is negative,showing a significant inhibitory effect.Household leverage is an important mechanism by which the housing price level affects residents'fertility intention,and there is an asymmetric effect of"debt e-lasticity"of high housing price and"debt stickiness"of low housing price.The impact of housing price on the fertility intention has a more significant inhibitory effect on vulnerable groups such as those with low income and poor housing conditions,and has a more nota-ble cost-pressure effect.
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