High household indebtedness could constrain future consumption growth and increase financial stability risks. This … paper uses household survey data to analyze both macroeconomic and finanical stability risks from the rapidly rising … household debt in China. We find that rising household indebtedness could boost consumption in the short term, while reducing it …

financial crisis. In this paper, we investigate how mortgage debt impacts household consumption behavior and various components … of household consumption. Utilizing a comprehensive household survey data from China, we show that households with a … having a mortgage reduces the uncertainty that the household faces regarding how much to save each month in order to be able …

This paper studies the impact of household indebtedness on the consumption channel of monetary policy using the Chinese … household-level survey data. We employ a panel smooth transition regression model to investigate the non-linear role of … there is a much larger counteraction of consumption in response to monetary policy shocks when household indebtedness …