住房价格与消费支出关系研究——香港房地产财富效应实证检验

An Empirical Test on Real Estate Wealth Effect:Based on the Data of Housing and Consuming Expenditure of Hong Kong from 1982～2006

本文利用香港比较完整的房价、消费和薪金数据,运用误差纠正模型分析了房价与消费之间的关系。实证结果反映了香港地区(1982年—2006年)消费与房地产价格之间的长期均衡及短期动态关系,同时也为内地房地产的健康发展提供了一些启示。

In this paper, we use the and error correction model and the data about housing price, salary, and personal consumption in Hong Kong from 1982 to 2006 to analyze the relationship between housing price and consumption. The result of this empirical test indicates the long-term and short-term relationship between the housing price and consumption during the last two decades, which provides some useful inspiration for the development of China mainland real estate market.