摘要：In this paper the relationship between stock prices and house prices is analysed for six countries over the years 1976-2001. We find that both asset prices show a positive long-term relationship, which can partly be explained by common macro-economic factors such as credit, consumption and interest rates. Moreover, a direct and increasing interaction between stock prices and house prices is found. The causality is likely to run mainly from the stock market to the housing market, with house prices responding to stock prices with a lag of two to three years
