Optimal Life-Cycle Portfolio Choice for Chinese Residents with Housing
We develop a dynamic realistically model of a typical Chinese resident with stochastic labor income, risky owner-occupied house, bousing rental market and costly adjustment in housing of Chinese real estate market, and try to analyze the optimal life-cycle portfolio choice for Chinese residents with housing factors. Our analysis indicates that home ownership crowds out stock investment of Chinese residents. Downpayment ratio and transaction cost of housing crowd out the stockholdings of young homeowners, and have significant impact on residents life-cycle portfolio choice.
optiaml dynamic portfolio choice owning and renting housing
Lingling Huang Zhixin Liu
School of Economy and Management, North China University of Technology Beijing, China, 100041 School of Economy and Management, Beihang University, Beijing, China, 100083
国际会议
北京
英文
251-255
2009-07-24（万方平台首次上网日期，不代表论文的发表时间）