居民杠杆率与消费不平等  

Household Leverageand Consumption Inequality

作　　者：展凯 钟沛希 周利 Zhan Kai;Zhong Peixi;Zhou Li

机构地区：[1]广东外语外贸大学金融学院 [2]广东外语外贸大学经济与贸易学院,广东省广州市

出　　处：《金融学季刊》2024年第2期57-77,共21页Quarterly Journal of Finance

基　　金：国家社科基金一般项目“过度负债与经济下行的影响机制与治理政策研究”(19BJY014);国家社科基金重大项目“数字金融有效支持实体经济高质量发展研究”(21&ZD113);广东省自然科学基金面上项目“数字经济驱动与中国居民财产性收入:基于家庭资产配置效率的视角”(2022A1515010998)的资助

摘　　要：伴随居民杠杆率的不断攀升与日益加剧的消费不平等,基于2018年的中国家庭追踪调查(CFPS)数据,本文细致探讨了居民杠杆率与居民消费不平等之间的关系。研究结果显示:杠杆率的攀升将加剧居民消费不平等,并主要源于当前我国信贷市场与社会保障的不完善,进而导致低消费家庭的贷款难度高于其他家庭,进而扩大了消费不平等。进一步的研究发现,家庭经济条件和户主受教育水平可以缓解居民杠杆率对消费不平等的影响;异质性检验的结果显示,对于农村家庭和中西部家庭,居民杠杆率对居民消费不平等的影响程度更大。Recently,household leverage in China is rising rapidly with the worsening of household consumption inequality.Based on the micro data from China Family Panel Studies(CFPS)in 2018,this paper explores the impact of household leverage on household consumption inequality.The results show that household leverage is positively correlated with the consumption inequality,mainly due to the imperfect credit market.Also,inadequate social security makes it more difficult for lower consumption households to borrow money than other families.Further research indicates that household economic condition and householder’s education level can mitigate the impact of household leverage on consumption inequality,Heterogeneity analysis show that,household leverage produces a greater impact on consumption inequality for rural households,the middle and western households.

关 键 词：居民杠杆率 居民消费不平等 辛格指数 

分 类 号：F126.1[经济管理—世界经济] F832