School of Statistics, Shandong University of Finance and Economics, Jinan 250002, China.
China Center for Health Development Studies, Peking University, Beijing 100191, China.
Int J Environ Res Public Health. 2023 Mar 6;20(5):4643. doi: 10.3390/ijerph20054643.
In recent years, Chinese household financial debt has been growing rapidly due to the expansion of mortgage lending. This study aims to examine the impact mechanism of Chinese household financial debt on physical health. Using the 2010-2018 China Household Tracking Survey (CFPS) panel data, we developed fixed effects models to explore the effect of household financial debt on individuals' psychical health, and we also used an instrumental variable to address endogeneity. The findings suggest that there is a negative effect of household financial debt on physical health and these findings still hold after a series of robustness tests. In addition, household financial debt can affect individuals' physical health through mediating variables, such as healthcare behaviors and mental health, and the effects are more significant for those who are middle-aged, married, and with low-income levels. The findings of this paper are important for developing countries to clarify the relationship between household financial debt and population health, and to develop appropriate health intervention policies for highly indebted households.
近年来，由于抵押贷款的扩张，中国家庭的金融债务迅速增长。本研究旨在检验中国家庭金融债务对身体健康的影响机制。我们利用 2010-2018 年中国家庭追踪调查（CFPS）面板数据，建立固定效应模型来探讨家庭金融债务对个人心理健康的影响，并使用工具变量来解决内生性问题。研究结果表明，家庭金融债务对身体健康有负面影响，这些发现经过一系列稳健性检验后仍然成立。此外，家庭金融债务可以通过医疗保健行为和心理健康等中介变量来影响个人的身体健康，对于中年、已婚和低收入人群的影响更为显著。本文的研究结果对于发展中国家阐明家庭金融债务与人口健康之间的关系以及为高负债家庭制定适当的健康干预政策具有重要意义。
