collateral effects;
common causality;
household consumption;
house prices;
wealth effects;
STOCK-MARKET WEALTH;
EQUITY WITHDRAWAL;
LIFE-CYCLE;
MICRO DATA;
PANEL;
HOME;
UK;
D O I:
10.1111/roiw.12145
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
Over the past two decades, a number of countries have experienced appreciation in house prices at the same time that aggregate consumption has increased. This paper tests alternative hypotheses for this phenomenon by using repeated household surveys from Australia and Canada to identify the transmission mechanism that links consumption and household wealth. The empirical analysis suggests that neither a direct wealth effect nor a common causal factor likely accounts for the observed correlation between wealth and consumption in these two countries. Rather, indirect factors such as collateral effects arising from relaxation of credit constraints are a more likely explanation.
机构:
Univ Reading, Henley Business Sch, Reading, Berks, England
Ozyegin Univ, Dept Int Finance, Fac Business, Cekmekoy Campus, Istanbul, TurkeyUniv Reading, Henley Business Sch, Reading, Berks, England
Erol, Isil
Unal, Umut
论文数: 0引用数: 0
h-index: 0
机构:
Philipps Univ Marburg, Sch Business & Econ, Marburg, Germany
Res Inst Labour & Social Affairs, Prague, Czech RepublicUniv Reading, Henley Business Sch, Reading, Berks, England