TY - JOUR
T1 - Housing assets to the elderly in urban China
T2 - to fund or to hedge?
AU - Yang, Zan
AU - Fan, Ying
AU - Cheung, Cindy Hiu ying
N1 - Funding Information:
The work was supported by the funding from National Science Foundation of China [grant number 71173045].
Publisher Copyright:
© 2016 Informa UK Limited, trading as Taylor & Francis Group.
Copyright:
Copyright 2017 Elsevier B.V., All rights reserved.
PY - 2017/7/4
Y1 - 2017/7/4
N2 - Housing has become the most important asset held by a large proportion of China’s older citizens. Therefore, the role of housing wealth in the consumption decisions of the elderly is a central topic of research and gains insights into the saving, investment and consumption decisions made throughout household life to meet later pension needs. In this paper, using data drawn from a household survey conducted between 2002 and 2009, we estimate the influence of housing wealth on the non-housing consumption of the elderly, and identify the mechanisms underlying this relationship. We find that on average, changes in housing wealth have limited effects on elderly consumption. However, we also find that the role of housing in consumption differs according to the income, health status, and living arrangements of the elderly. The paper draws attention to the influence of housing and its links with social and health-care systems on the lives of older people, with important policy implications.
AB - Housing has become the most important asset held by a large proportion of China’s older citizens. Therefore, the role of housing wealth in the consumption decisions of the elderly is a central topic of research and gains insights into the saving, investment and consumption decisions made throughout household life to meet later pension needs. In this paper, using data drawn from a household survey conducted between 2002 and 2009, we estimate the influence of housing wealth on the non-housing consumption of the elderly, and identify the mechanisms underlying this relationship. We find that on average, changes in housing wealth have limited effects on elderly consumption. However, we also find that the role of housing in consumption differs according to the income, health status, and living arrangements of the elderly. The paper draws attention to the influence of housing and its links with social and health-care systems on the lives of older people, with important policy implications.
KW - Elderly consumption
KW - fund
KW - hedge
KW - housing assets
KW - social and health-care systems
UR - http://www.scopus.com/inward/record.url?scp=84988613679&partnerID=8YFLogxK
U2 - 10.1080/02673037.2016.1228853
DO - 10.1080/02673037.2016.1228853
M3 - Journal article
AN - SCOPUS:84988613679
VL - 32
SP - 638
EP - 658
JO - Housing Studies
JF - Housing Studies
SN - 0267-3037
IS - 5
ER -
