摘要
家庭负债作为家庭的重要经济行为可能提高家庭福利,但也可能通过给家庭成员带来压力、形成不健康行为等来影响成员的健康水平。文章基于微观数据研究发现:(1)家庭负债对居民健康产生了显著的负面影响,工具变量回归和倾向得分匹配的结果也支持结论的稳健性;(2)机制分析表明,家庭负债主要通过给人带来压力和导致不健康的行为来影响健康;(3)负债对健康的影响不存在性别差异,对不同年龄组群体有异质性影响,同时家庭债务主要对低资产和低收入家庭产生明显影响;(4)短期负债和非银行负债是造成负面健康效应的主要原因。文章认为进一步提升低资产和低收入家庭的正规金融可得性不仅具有经济和公平方面的意义,而且对居民健康的提高也能起到较好的作用。
China used to be a country with a very high household savings rate.In recent years,with the development of housing finance and consumer finance,the debt participation rate and the debt amount of Chinese households have increased year by year,and the economic effect of household debt has gradually become prominent.As an important economic behavior,household debt can smooth income and promote consumption.But household debt may also bring pressure on family members,affect their behavior and lifestyle,and ultimately affect their physical and mental health.Based on the micro-data of the three sets of CHFS,CFPS and CGSS,this paper carefully examines the impact of household debt on the health of Chinese residents.The research finds that:First,household debt has a significant negative impact on resident health,and the results of instrumental variable regression and propensity score matching support the robustness of the findings.Second,the mechanism analysis shows that household debt mainly affects resident health by bringing pressure and leading to unhealthy behaviors.Third,there is no gender difference in the impact of household debt on resident health,but there is a heterogeneous impact on different age groups.At the same time,household debt mainly has a significant impact on low-asset and low-income families.Fourth,short-term and non-bank liabilities are the main“culprits”that cause the negative health effect.The marginal contributions of this paper are as follows:First,it summarizes the three mechanisms of household debt affecting resident health,and explores the channels through which household debt affects resident health.Second,in the causal identification,it seeks instrumental variables based on the realistic background in China and makes new attempts to better identify the causal effect.Third,it discusses what kind of debt is the main“culprit”that affects the health of Chinese residents.The policy implications of this paper are as follows:First,increasing the availability of formal finance for residents and paying special attention to the financing needs of low-asset and low-income families can help to reduce the negative effect of household debt on resident health.Second,concerning about the negative health effect of household debt can also be started from non-economic aspects,such as health-related physical exercise,recreational and leisure activities,smoking and other behaviors.
作者
陈屹立
聂璇
Chen Yili;Nie Xuan(School of Economics,Southwest University of Political Science and Law,Chongqing 401120,China;School of Economics,Institutional Economics Research Center,Chongqing 401120,China)
出处
《财经研究》
CSSCI
北大核心
2023年第5期79-93,共15页
Journal of Finance and Economics
基金
重庆市研究生科研创新项目(CYS22328)。
关键词
家庭负债
健康
压力
household debt
health
stress
