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Does household mortgage really restrain consumption? An analysis based on the data of China family panel studies in 2018

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Study on household mortgage has profound significance to better understand the economics. This paper finds that the household mortgage plays a positive role on consumption by examining the data of CFPS in 2018. Using the model that introduces interaction term, we argue that the mortgage has an income-effect for the comparatively low interest rate. The empirical result also shows the income-effect is greater in the “initiative mortgage households”. | Does household mortgage really restrain consumption An analysis based on the data of China family panel studies in 2018