Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212701 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 13/2011
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
This paper adds to the literature on wealth effects on consumption by disentangling house price effects on consumption for mainland China. In a stochastic modelling framework, the riskiness, rate of increase and persistence of house price movements have different implications for the consumption/housing ratio. We exploit the geographical variation in property prices by using a quarterly city-level panel dataset for the pe-riod 1998Q1 2009Q4 and rely on a panel error correction model. Overall, the results suggest a significant long run impact of property prices on consumption. They also broadly confirm the predictions from the theo-retical model.
Schlagwörter: 
Consumption
house prices
China
panel data
JEL: 
E21
R31
C23
O53
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-708-5
Dokumentart: 
Working Paper

Datei(en):
Datei
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