摘要
中国经济进入新常态以来,消费已经成为经济增长的主要驱动力,而最近新冠疫情的爆发,使得许多家庭流动性迅速枯竭,导致消费数据断崖式下滑。在此背景下,研究流动性约束对家庭消费的影响就显得尤为重要。本文借助微观家庭调查数据,从流动性约束的视角研究了中国家庭消费问题。具体而言,本文构建了不同的家庭流动性指标,研究了流动性约束对消费的影响,发现无论采用何种衡量指标,流动性约束均显著抑制了家庭消费。进一步地,本文从消费异质性的视角,研究了流动性约束对消费结构、异质性消费者的影响,结果表明,流动性约束对发展型消费的影响大于生存型和享受型消费,富裕型HtM(Hand-to-Mouth,流动性资产不足)家庭的消费受到流动性约束的抑制作用低于贫穷型HtM家庭。本文的分析为中国家庭消费不足提供了新的解释,同时也为政府实施消费刺激政策提供了新的思路。
As the Chinese economy has entered a new normal phase,consumption has become the main driver of economic growth.Recently,many households’liquidity quickly dry up since of the spread of the COVID-19,leading to a sharp decline in consumption.In such a case,it is particularly important to study the impact of liquidity constraints on household consumption.Using micro-level household survey data,we investigate Chinese household consumption from the perspective of liquidity constraints.Specially,we construct different household liquidity indicators,investigate the impact of liquidity constraints on consumption,and find that liquidity constraints have significantly inhibited household consumption.Furthermore,based on of consumption heterogeneity,this paper studies the impact of liquidity constraints on consumption structure and on heterogeneous consumers.We find that household liquidity constraints have a greater negative influence on development consumption than on survival and enjoyment consumption.Compared with poor HtM(Hand-to-Mouth,has little liquid wealth)households,liquidity constraints have a less negative influence on consumption of wealthy HtM households.This paper not only provides a new explanation for the sluggish consumption in China,but also has significant policy implications for implementing consumption stimulus policies.
作者
纪园园
宁磊
JI Yuan-yuan;NING Lei(Institute of Economics,Shanghai Academy of Social Sciences,200020;Institute for Advanced Research,Shanghai University of Finance and Economics,200433)
出处
《上海经济研究》
CSSCI
北大核心
2020年第8期19-31,共13页
Shanghai Journal of Economics
基金
国家自然科学基金青年项目“处理效应模型的非参数估计方法及其拓展应用”(项目编号:71803134)
“家庭债务,需求不足与经济增长——基于家庭流动性约束机制探讨”(项目编号:71803118)
国家自然科学基金面上项目“高房价背景下养老保险政策对老年人劳动供给的影响研究”(项目编号:71874105)的资助。
关键词
新常态
流动性约束
消费不足
消费结构
异质性消费者
New Normal Phase
Liquidity Constraints
Inadequate Consumption
Consumption Structure
Heterogeneous Consumers
