| 我国居民消费财富效应的实证研究 |
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| 引用本文： | 赖溟溟,Bai Qinxian.我国居民消费财富效应的实证研究[J].上海金融,2008(8). |
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| 作者姓名： | 赖溟溟 Bai Qinxian |
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| 作者单位： | 辽宁大学,辽宁沈阳,110001 |
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| 摘 要： | 基于1998年1月至2007年10月的我国居民消费、股票市场和房地产市场有关数据,运用协整方程、误差修正模型和Granger因果检验方法,对我国居民消费的财富效应进行了实证研究.实证分析表明,我国不存在股票市场的财富效应,通过股票市场刺激消费的政策无效;我国存在房地产市场的财富效应,长期房地产市场发展与居民消费有协同趋势,短期内房地产市场发展抑制居民消费支出.
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| 关 键 词： | 股票市场 房地产市场 居民消费 财富效应 |
An Empirical Analysis of Wealth Effect on Chinese Residents' Expenditure |
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| Lai Minmin,Bai Qinxian.An Empirical Analysis of Wealth Effect on Chinese Residents'' Expenditure[J].Shanghai Finance,2008(8). |
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| Authors: | Lai Minmin Bai Qinxian |
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| Institution: | Lai Minmin/ Bai Qinxian |
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| Abstract: | The article collects data of Chinese residents' expenditure, stock market and real estate market from Jan.1998 to Oct.2007, adopts co-integration analysis, error correction model, and Granger causality test,and conducts an empirical analysis of wealth effect on Chinese residents' expenditure. The result shows no proof of such effect in China, implying that policy aimed at stimulating expenditure through stock market could only be void. It also shows that real estate market has wealth effect on residents' expenditure. |
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| Keywords: | Stock Market Real Estate Market Residents' Expenditure Wealth Effect |
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