The Dual Effects of Housing on Portfolio Choices: Evidence from Urban China

被引：0
|
作者：
Zhao, Jianmei [1 ]
Li, Jiandong [2 ]
机构：
[1] Chinese Acad Publ Finance & Publ Policy, Cent Univ Finance & Econ, Beijing, Peoples R China
[2] Chinese Acad Finance & Dev, Cent Univ Finance & Econ, Beijing, Peoples R China
来源：
ANNALS OF ECONOMICS AND FINANCE | 2017年 / 18卷 / 02期
关键词：
Housing; Portfolio choice; Dual effects; Chinese housing reform; RISK; CONSUMPTION; PRICES; INVESTMENT;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Finance literature regarding the role of housing on portfolio choices is controversial. Our study reconciles both positive and negative effects of housing on portfolio decisions in the context of China. Employing the China Household Finance Survey (CHFS) data, we find dual effects of housing on portfolio choices simultaneously. House value appreciation imposes positive effects on households' stock investment, whereas house-to-wealth ratio has adverse effects on households' investment on risky financial assets. Housing itself creates trade-off effects on households' portfolio choices.
引用
收藏
页码：253 / 276
页数：24
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