期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：We build a panel of 14 emerging economies to estimate the magnitude of housing, stock market, and money wealth e¤ects on consumption. Using modern panel data econometric techniques and quarterly data for the period 1990:1-2008:2, we show that: (i) wealth e¤ects are statistically signi cant and relatively large in magnitude; (ii) housing wealth e¤ects tend to be smaller for Asian emerging markets while stock market wealth e¤ects are, in general, smaller for Latin American countries; (iii) housing wealth e¤ects have increased for Asian coutries in recent years; and (iv) consumption reacts stronger to negative than to positive shocks in housing and nancial wealth.
