Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153434
Authors: 
Peltonen, Tuomas A.
Sousa, Ricardo M.
Vansteenkiste, Isabel
Year of Publication: 
2009
Series/Report no.: 
ECB Working Paper 1000
Abstract: 
We build a panel of 14 emerging economies to estimate the magnitude of housing, stock market, and money wealth effects on consumption. Using modern panel data econometric techniques and quarterly data for the period 1990:1-2008:2, we show that: (i) wealth effects are statistically significant and relatively large in magnitude; (ii) housing wealth effects tend to be smaller for Asian emerging markets while stock market wealth effects are, in general, smaller for Latin American countries; (iii) housing wealth effects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger to negative than to positive shocks in housing and financial wealth.
Subjects: 
Consumption
emerging markets
wealth e¤ects
JEL: 
E21
E44
D12
Document Type: 
Working Paper

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