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008			221007b |||||||| |||| 00| 0 eng d
100			_aHe, Zekai _953934
245			_aHousing wealth and household consumption in urban China/ _cZekai He
260			_aLondon: _bSage, _c2020.
300			_aVol 57, issue 8, 2020: (1714–1732 p.)
520			_aUsing a large Chinese household survey data set, we investigate the effect of home value appreciation on urban household consumption. The paper identifies the causal effect of housing wealth using both Two-Stage Least Squares (2SLS) estimates and regression discontinuity designs. The research demonstrates that the housing boom in China has resulted in higher consumption and that a 10% increase in home wealth raises overall consumption by approximately 3%. The average marginal propensity to consume out of housing wealth is about 5 cents with substantial heterogeneity across household characteristics. The findings highlight the role of mortgage debts, health insurance, education and risk preference in explaining the variation in household consumption. Our results persist when we adopt different proxies for housing wealth.
700			_aYe, Jingjing _953935
700			_aShi, Xiuzhen _953936
773	0		_08843 _916581 _dLondon Sage Publications Ltd. 1964 _tUrban studies _x0042-0980
856			_uhttps://doi.org/10.1177/0042098019844410
942			_2ddc _cART
999			_c13324 _d13324