Paul J. Everson Real Estate Center

Yin Zhichao

Yin Zhichao2017 Real Estate Conference

Morning Academic Session Paper Presentation:

Dr. Yin Zhichao, Dean, Capital University of Economics and Business

Title: Credit Effects of Housing Wealth without Bank Credits:  New Micro Evidence from China


This paper studies the housing wealth effect on consumption in China and explores the channel via which this effect works. To this end, it feeds a cross-section of individual house prices and expenditure to a representative agent framework and examines the heterogeneity in the MPC out of housing wealth across households grouped by degrees of credit constraint. It shows that the credit channel is enabled by non-bank private credits, instead of bank credits, as often found in other countries.   


Dr. Yin Zhichao is the Dean of school of finance for Capital University of Economics and Business. His research interest is applied microeconomics, household and corporate finance. His works have been published in Economic Research Journal, Financial Research Journal and the China Economic Review.