文章基本信息
- 标题：Household Debt and Housing Price: An Empirical Study across 36 Countries
- 本地全文：下载
- 作者：Fujun Lai ; Sze Nam Chan ; Wai Yan Shum 等
- 期刊名称：International Journal of Business and Management
- 印刷版ISSN：1833-3850
- 电子版ISSN：1833-8119
- 出版年度：2017
- 卷号：12
- 期号：11
- 页码：227
- DOI：10.5539/ijbm.v12n11p227
- 出版社：Canadian Center of Science and Education
- 摘要：
This paper investigates the effect of the change of household debt ratio (household debt to GDP) on national housing price by using unbalanced panel data in 36 countries during 1981-2015. We employ Two Stage Least Square and GMM method to analyze the fixed effect model, after controlling the demand, supply, other assets prices and endogeneity. Our findings are that household debt ratio and housing price are positively significantly related. Household debt ratio promotes the growth rate of housing prices. The findings remain robust by separating countries into two groups, European countries and non-European countries, and using nominal housing price as explanatory variable.
- 其他摘要：This paper investigates the effect of the change of household debt ratio (household debt to GDP) on national housing price by using unbalanced panel data in 36 countries during 1981-2015. We employ Two Stage Least Square and GMM method to analyze the fixed effect model, after controlling the demand, supply, other assets prices and endogeneity. Our findings are that household debt ratio and housing price are positively significantly related. Household debt ratio promotes the growth rate of housing prices. The findings remain robust by separating countries into two groups, European countries and non-European countries, and using nominal housing price as explanatory variable.
