The Effect of Housing Wealth on Household Portfolio Choice

被引：0

作者：

Li, Qize ^{[1
]}

Brounen, Dirk ^{[2
]}

Li, Jianjun ^{[3
]}

Wei, Xu ^{[3
]}

机构：

[1] Chinese Acad Social Sci, Beijing, Peoples R China

[2] Tilburg Univ, TIAS Sch Business & Soc, Tilburg, Netherlands

[3] Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China

来源：

ANNALS OF ECONOMICS AND FINANCE | 2022年 / 23卷 / 02期

关键词：

Housing portfolio choices; Housing wealth effect; Financial market; participation; RISK-AVERSION; CONSUMPTION; INVESTMENT; PRICES; HOMEOWNERSHIP; MODEL; HABIT;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study uses data from the 2013 China Household Finance Survey (CHFS) to investigate the effect of housing tenure decisions on households' portfolio choices. We find that property value has a significantly positive impact on the extent to which households hold risky financial assets. Furthermore, this impact is mitigated in households that do not have full property rights over their homes, and housing characteristics that increase transaction costs reduce the proportion of households with risky financial asset holdings. These results indicate the presence of a wealth effect on households' portfolio choices.

引用

页码：253 / 277

页数：25

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