摘要：This paper estimates the wealth effect on consumption of both equity and housing wealth,
Using data across 16 industrial countries differentiated by type of financial system and
examining trends in these wealth effects over time. The three main conclusions are found and
their policy implications discussed: that the impact of a $1 increase in housing wealth on
consumption is higher than the equivalent increase in equity wealth; countries with marketbased
financial systems have larger effects from changes in equity wealth than those with
bank-based financial systems; and that the size of the wealth effects appears to be rising over
time, probably reflecting financial deregulation.
