摘要
在总结和借鉴前人研究的基础上,以1991-2007年的经济数据为样本,对我国的房价波动和股价波动引起的消费波动进行实证研究,进而比较两种资产的财富效应差异。研究发现,我国住宅和股票两种资产之间的财富效应存在明显的差异,即房价波动存在着一个微弱的财富效应,而股票市场的价格波动不仅不存在财富效应,而且对消费有一定的抑制效应。
On the basis of summing up and drawing lessons from previous related studies, taking the economic data from 1991 to 2007 as the sample, this paper conducts an empirical study of the fluctuations in consumption caused by fluctuations in housing price and in stock price in China, so as to further compare the differences of the wealth effect of the two assets. The findings show that there exists an apparent difference between the wealth effects of the two assets of housing and stock, i.e. a weak wealth effect exists in the fluctuation of housing price, while the fluctuations in the prices of stock markets have no wealth effect, instead, they have a certain inhibitory effect on consumption.
出处
《当代财经》
CSSCI
北大核心
2009年第5期5-12,共8页
Contemporary Finance and Economics
基金
湖南省社会科学基金重点项目"房地产泡沫研究"(05ZD10)
关键词
房价
股价
波动
财富效应
抑制效应
housing price
stock price
fluctuation
wealth effect
inhibitory effect
