The Wealth Effect of Housing and Stock Price Fluctuation

被引：0
|
作者：
Wang, Chongrun [1 ,2 ]
Liu, Wendong [1 ]
Wang, Sijia [3 ]
机构：
[1] Hebei Univ Econ & Business, Financial Sch, Shijiazhuang 050061, Peoples R China
[2] City Univ New York, Lehman Coll, Bronx, NY 10468 USA
[3] Southwestern Univ Finance & Econ, Financial Sch, Chengdu 610074, Peoples R China
来源：
INTERNATIONAL CONFERENCE ON SOCIAL SCIENCE AND MANAGEMENT (ICSSM 2014) | 2014年
关键词：
wealth effect; housing price; stock price; panel data;
D O I：
暂无
中图分类号：
C [社会科学总论];
学科分类号：
03 ; 0303 ;
摘要：
The purpose of this paper is to find the impact of housing and stock prices volatility on the consumption. Using panel data of 30 provinces during 1999-2012 in China, we established a dynamic panel data model estimated with the first order differenced GMM. Different from many relative researches we found that housing had significant wealth effect on consumption while stock wealth effect showed weak negative effect. Differences in economic levels had a significant effect on the long-run equilibrium relationship of housing price and consumption. As the level of economic development improving, the impact of housing price on consumption was reduced. These findings are helpful for China to manage her domestic demands.
引用
收藏
页码：269 / 273
页数：5
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