Wealth Effects on Household Final Consumption: Stock and Housing Market Channels
Wealth Effects on Household Final Consumption: Stock and Housing Market Channels
复制标题
财富对家庭最终消费的影响：股票和房地产市场渠道
DOI：
10.3390/ijfs6020057
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
E. Alp
中科院分区：
文献类型：
--
作者：
Yener Coskun;Burak Sencer Atasoy;G. Morri;E. Alp
这项研究主要探讨了1970年第一季度至2015年第四季度期间，11个发达国家股票和住房市场渠道产生的财富效应与家庭最终消费之间的联系。作为一种建模策略，我们使用了回归分析，通过共同相关效应均值组(CCEMG)估计，以及Durbin-Hausman协整和Dumitresu和Hurlin(2012)因果检验。这项研究通过整个小组和国家一级的分析提供了各种证据。在这方面，我们发现，消费主要由收入来解释，住房财富与消费呈显著正相关。作为与直觉相反的证据，我们发现消费和股票财富之间存在负相关。证据还表明，消费、收入、利率、住房财富和股票财富之间存在长期的协整关系。此外，我们发现消费和收入、股票财富、住房财富和利率之间存在双向因果关系。总体而言，证据表明，在发达国家，住房财富而不是股票财富是消费增长的主要来源。
The study primarily explores the linkage between wealth effects, arising from stock and housing market channels, and household final consumption for 11 advanced countries over the period from 1970 Q1 to 2015 Q4. As a modelling strategy, we employ regression analysis through the common correlated effects mean group (CCEMG) estimator, as well as Durbin–Hausman cointegration and Dumitrescu and Hurlin (2012) causality tests. The study provides various pieces of evidence through whole-panel and country-level analyses. In this respect, we find that consumption is mostly explained by income and housing wealth is positively and significantly correlated with consumption. As counter-intuitive evidence, we detect a negative linkage between consumption and stock wealth. The evidence also suggests a long-run cointegration relationship among consumption, income, interest rates, housing wealth, and stock wealth. Moreover, we find bidirectional causality between consumption and income, stock wealth, housing wealth, and interest rates. Overall, the evidence implies that housing wealth, rather than stock wealth, is the primary source of consumption growth in advanced countries.
影响因子：
6.1
作者：
SWAMY, PAVB
通讯作者：
SWAMY, PAVB
DOI：
--
发表时间：
1999
期刊：
--
影响因子：
--
作者：
P. Pedroni
通讯作者：
P. Pedroni
的存在
DOI：
--
发表时间：
2004
期刊：
Journal of Clinical Pathology 57・9
影响因子：
--
作者：
Saito T;Oda Y;Tamiya S;et al.;Nakayama H
通讯作者：
Nakayama H