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本文根据2000-2010年珠三角地区城市的面板数据,通过构建面板数据模型和误差修正模型,从长期和短期两个层面实证检验了该地区房地产财富效应。结果显示:珠三角地区房地产具有负财富效应,长期内房地产价格上升会抑制居民消费,而短期内房地产价格变动对居民消费没有显著影响。
Based on the panel data of cities in Pearl River Delta from 2000 to 2010, this paper empirically tests the wealth effect of real estate in the region from two aspects of long-term and short-term by constructing panel data model and error correction model. The results show that the real estate in the Pearl River Delta region has negative wealth effect. In the long term, the rise of real estate prices will restrain the residents ’consumption. However, the change of real estate prices in the short term has no significant effect on the residents’ consumption.