摘要
借鉴生命周期理论构建财富效应模型,以1998年1季度至2010年3季度数据为样本,运用协整理论,对我国住房与股票的财富效应进行理论和实证分析。研究发现,城镇住房资产的财富效应为负,城镇居民持有的股票资产并未产生显著的财富效应,或者产生了微弱的负向财富效用。
The purpose of this paper is to explore the wealth effects of housing and stock in China.The model of wealth effects was built based on the life cycle theory.With the cointegration theory,the wealth effects of housing and stock were analyzed theoretically and empirically over the period 1998Q1 to 2010Q3.The results show that the housing had negative wealth effects,while the stock had no significant wealth effects,or the weak negative effects.
出处
《湖北工业大学学报》
2011年第6期92-95,共4页
Journal of Hubei University of Technology
基金
湖北省教育厅人文社会科学研究项目(2010q040)
关键词
住房
股票
生命周期理论
财富效应
协整
housing
stock
life cycle theory
wealth effects
cointegration
