Study on Impact of House Prices on the Level of the Residents’ Consumption: Based on the Analysis of Liaoning Province

Junsheng ZHONG, Ling WANG, Zhiyuan WANG

Abstract


Cointegration model and error correction model were developed based on the economic theory of consumption. The relation between urban consumption level and prices of commercial property were inspected in Liaoning Province. The study shows that the urban consumption level is promoted by the prices of commercial property in the long run and the short-term effect is the inhibition of consumption level due to “squeeze effect”. The government should safeguard the healthy development of estate market and promote the rapid stable growth of economic with Liaoning Province by the way of improving the individual disposable income and suppressing house price firmly.

Key words: Cointegration; Error correction model; Squeeze effect

Résumé Le modèle de la co-intégration et le modèle de correction d’erreur ont été élaborés sur la base de la théorie économique de la consommation. La relation entre le niveau de la consommation urbaine et les prix de l’immobilier commercial ont été inspectés dans la province du Liaoning. L’étude montre que le niveau de consommation en milieu urbain est favorisé parles prix de l’immobilier commercial à long terme et l’effet à court terme est l’inhibition de niveau de consommation en raison des «effects de pression». Le gouvernement devrait garantir le développement sain du marché immobilier et d’y promouvoir la croissance rapide de la stabilité économique avec la province du Liaoning par le moyen d’amélioration du revenu individuel disponible et des prix des logements qui devraient être supprimés fermement.

Mots clés: Co-intégration; Erreur de la correction du modèle; Effect de la pression


Keywords


Cointegration; Error correction model; Squeeze effect



DOI: http://dx.doi.org/10.3968/j.css.1923669720120801.1130

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