Regional disparity in homeownership, investment choice, and intra-household bargaining: evidence from Chinese household surveys

Zhang, Fan (2018) Regional disparity in homeownership, investment choice, and intra-household bargaining: evidence from Chinese household surveys. PhD thesis, University of Nottingham.

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This thesis contains three studies that provide theoretical and empirical evidence on household decisions in housing and investment portfolios in China, using 2010-2014 data from the China Family Panel Studies (CFPS).

The first study investigates regional disparities in homeownership and value of owner-occupied housing in Chinese cities by using panel data from 2010-2014 CFPS. The results show that demographic characteristics actively shape the housing outcomes of urban households in different regions. The results also reveal development trajectories of regional economies. The findings indicate that while urban households benefit from an emerging population and an enormous growth in the private sector in the Eastern and Central regions, in the Northeastern region households are hindered in homeownership by an ageing population and an economy dominated by oversized but inefficient state-owned enterprises (SoEs).

The second study adopts a nested logit approach, applying three data sets from the 2010-2014 CFPS. This approach explores how household investment choice differs with personal and household characteristics (e.g., such as health, demographic features, and institutional factors) across the broad investment categories of financial assets, private businesses, and real estate. I also employ a sub-sample from the 2012 CFPS that is restricted to parental households to examine how parenthood alters household investment decisions by building a binomial logistic model. The empirical results show that migration and income have a positive effect on investment decisions in the nested logit models. The evidence from the subsample finds that there are significant differences in the impact of demographic composition between investment categories.

Using the 2010-2014 CFPS panel data, the third study investigates how household investment holdings vary according to demographic composition and intra-household bargaining strength in urban China. In addition, to explore the allocation of household investment, a further examination is carried out in the fixed-effect model with the specification of the Working-Leser function and in a Tobit model with two limits. Empirical evidence supports the following hypotheses: (a) changes in demographic composition considerably alter household investment holdings; and (b) the existence of a higher proportion of female children is strongly associated with an increase in household investments in financial assets.

Item Type: Thesis (University of Nottingham only) (PhD)
Supervisors: Song, Lina
Zhang, Jing
Keywords: Homeownership, Housing value, Household Investment, Intra-household Bargaining, Gender of Children
Subjects: H Social sciences > HD Industries. Land use. Labor
Faculties/Schools: UK Campuses > Faculty of Social Sciences, Law and Education > Nottingham University Business School
Item ID: 52103
Depositing User: Zhang, Fan
Date Deposited: 28 Aug 2018 14:41
Last Modified: 18 Jul 2020 04:30

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