Chen, Yanbin; Li, Fangxing; Qiu, Zhesheng - In: Annals of Economics and Finance 14 (2013) 1, pp. 207-248
In this paper, we construct a life cycle model with housing demand and incomplete market to explore the relationship between housing demand, accompanied with underdeveloped housing finance, and the household saving rate in China. We investigate two types of finance imperfection: a) the high down...