The paper investigates the relationship between changes in housing wealth, financial wealth and the trend movements of household consumption in urban China. By employing the VECM cointegration model, we demonstrate that there is a unique long-run cointegrating relationship between the household...

Due to the critical significance of housing wealth for both the households and aggregate economy, the impact of changes in housing wealth on consumption has received considerable attentions in the literature. A number of prior studies have suggested that variations in housing wealth have...

This paper examines how transformations in the housing system in the People's Republic of China (PRC) influence the PRC pattern of urbanization. It first discusses how housing policies determine the supply and demand of housing in urban PRC and subsequently analyzes how the changes in the mode...