| 摘要: |
| 近年来我国家庭杠杆率快速上升，家庭债务与居民消费关系引发热议，相关文献 反映出：（1）家庭适度负债能促进消费增长；（2）家庭杠杆率上升存在临界值；（3）快速加 杠杆是主要风险来源；（4）识别家庭债务异质性可以缓解信贷约束。目前我国家庭杠杆率依 然处于合理区间，但需重视快速加杠杆带来的风险隐患。为保持居民消费平稳增长，本文提出 从供给侧优化金融条件，从需求侧约束快速加杠杆行为，并发挥减税的收入调节作用等建议。 |
| 关键词: 家庭债务；家庭杠杆率；居民消费 |
| DOI： |
| 分类号:F830.5 |
| 基金项目: |
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| Household Debt and Consumption：a Review |
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LEI Yao TANG Wenqiang1,2
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1.Institute of Finance, People's Bank of China;2.Center for Post-doctoral Studies of the PBOC's Institute of Finance
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| Abstract: |
| In recent years, the household leverage in China has risen rapidly, which raises heated debate over the relationship between household debt and consumption. Relevant literature reflects that: (1) moderate household debt can promote consumption; (2) there is a threshold value for household leverage rate; (3) rapid debt growth rate creates risks; (4) identify the heterogeneity of household debt can ease credit constraints. At present, the household leverage rate in China is still in a reasonable range, but we need to pay attention to the risks brought by rapid growing leverage. In order to maintain steady growth of household consumption, this paper suggests optimizing financial conditions from the supply side, restraining leverage from the demand side, and reducing income tax. |
| Key words: Household Debt; Household Leverage; Consumption |
