| Empirical Analysis on Stock Market and Real Estate Market Wealth Effect in China |
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| 作者姓名： | WEI Feng |
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| 作者单位： | College of Trade and Public Administration, Chongqing University, Chongqing 400030, China |
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| 摘 要： | Based on the Modigliani's Life-Cycle Hypothesis of consumption,and relevant data,the paper empirically studies stock market and real estate market wealth effect in China by using the method of unit root test and cointegrating regression.The results show that,regardless of short-run effect and long-run effect,the stock market wealth has significantly negative effect on civil' consumption level,but real estate market wealth or housing market wealth has significantly positive effect on civil' consumption level.
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| 关 键 词： | stock market wealth effect real estate market wealth effect housing market wealth effect |
| 修稿时间： | 2006/8/18 0:00:00 |
Empirical Analysis on Stock Market and Real Estate Market Wealth Effect in China |
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| WEI Feng.Empirical Analysis on Stock Market and Real Estate Market Wealth Effect in China[J].Storage & Process,2007(2):153-157. |
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| Authors: | WEI Feng |
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| Institution: | College of Trade and Public Administration, Chongqing University, Chongqing 400030, China |
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| Abstract: | Based on the Modigliani's Life-Cycle Hypothesis of consumption,and relevant data,the paper empirically studies stock market and real estate market wealth effect in China by using the method of unit root test and cointegrating regression.The results show that,regardless of short-run effect and long-run effect,the stock market wealth has significantly negative effect on civil' consumption level,but real estate market wealth or housing market wealth has significantly positive effect on civil' consumption level. |
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| Keywords: | stock market wealth effect real estate market wealth effect housing market wealth effect |
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