The effect of housing and stock market wealth on consumption in emerging and developed countries 新兴市场发达国家住房和股市财富对消费的影响.pdf

Economic Systems 38 (2014) 433–450 Contents lists available at ScienceDirect Economic Systems journal homepage: /locate/ecosys The effect of housing and stock market wealth on consumption in emerging and developed countries ˇ a ˇ ˇ b ˇ c,* Amina Ahec Sonje , Anita Ceh Casni , Maruska Vizek a Zagreb School of Economics and Management, Jordanovac 110, 10000 Zagreb, Croatia b University of Zagreb, Faculty of Economics and Business, Trg J. F. Kennedya 6, 10000 Zagreb, Croatia c Institute of Economics Zagreb, Trg J. F. Kennedya 7, 10000 Zagreb, Croatia A R T I C L E I N F O A B S T R A C T Article history: This study examines the long- and short-run relationship between Received 15 July 2013 private consumption, housing wealth, stock market wealth and Received in revised form 5 March 2014 income. In order to asses this relationship empirically, we use pooled Accepted 5 March 2014 mean group estimators of dynamic heterogeneous panel data on a Available online 4 August 2014 sample of 30 developed and emerging economies. The sample countries are segmented into three separate panels: a developed JEL classification: bank-based panel, a developed market-based panel, and an emerging C33 bank-based panel. Empirical estimates support the existence of long- D12 E21