Home ownership,housing price and social security expenditure |
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| Institution: | 1. Hull University Business School, University of Hull, Cottingham Road, Hull, HU6 7RZ, United Kingdom;2. School of Economics, Jiangxi University of Finance and Economics, 169 Shuanggang East Road, Nanchang, 330013, China;1. School of Economics, Peking University, Beijing 100871, China;2. Harvard Law School, Harvard University, Cambridge, MA 02138, USA;3. LeBow College of Business, Drexel University, Philadelphia, PA 19104, USA;4. China Data Center, University of Michigan, Ann Arbor, MI 48106, USA;5. Lab for Urban and Regional Analysis, East China University of Science and Technology, Shanghai 200237, China;1. School of Marxism, Shantou University, China;2. Business School, Shantou University, China;3. Crawford School of Public Policy, Australian National University, Australia;1. Collaborative Innovation Center for the Cooperation and Development of Hong Kong, Macao and Mainland China, Sun Yat-Sen University, Guangzhou, Guangdong 510275, China;2. Department of Economics, Western Michigan University, Kalamazoo, MI 49008-5330, United States;3. School of Economics, Zhongnan University of Economics and Law, Wuhan, Hubei 430073, China |
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| Abstract: | This paper analyzes the substitution and trade-off effects of homeownership and housing price on social security expenditure. We construct a theoretical model to investigate the optimal choice for individual and government in social security system with estate transaction. The model predicts that the government is more likely to decrease (increase) social security spending under a higher home rate when house price rises (falls). We test 35 metropolises panel data which spans the year of 1998–2012 under a two-way fixed effects framework. Our empirical analysis supports the theoretical prediction. The estimation results show that at the current home rate 82%, 1% increase in housing price will lead to 1.15 Yuan reduction in social security spending per capita. |
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