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首页> 外文期刊>International Review of Financial Analysis >The consumption response to household leverage in China: The role of investment at household level
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The consumption response to household leverage in China: The role of investment at household level

机译：中国家庭杠杆的消费应对：投资在家庭级别的作用

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摘要

This paper examines whether leverage can improve household consumption and facilitate the consumption upgrading in China. By employing two rounds of Chinese household surveys, our econometric results show that, while household leverage can increase the level of total household consumption expenditures, it can not significantly drive consumption upgrading. Moreover, we explore the impact of household investment factors on the relationship between leverage and consumption. We find that investment exerts a crowding-out effect, while the joint effect of household investment and income can facilitate the relationship between leverage and household consumption since income factors can serve as compensation. Overall, this paper provides new evidence in the context of emerging markets, offering a more comprehensive understanding the relationship between household leverage and consumption.
机译：本文审查了杠杆是否可以改善家庭消费，并促进中国消费升级。通过雇用两轮中国家庭调查，我们的经济学结果表明，虽然家庭杠杆可以增加家庭过度消费支出的水平，但它无法显着推动消费升级。此外，我们探讨了家庭投资因素对杠杆和消费之间关系的影响。我们发现投资施加了挤出的效果，而家庭投资和收入的联合效力可以促进杠杆和家庭消费之间的关系，因为收入因素可以作为赔偿。总体而言，本文在新兴市场的背景下提供了新的证据，提供了更全面的了解家庭杠杆和消费之间的关系。

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