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在总结和借鉴前人研究的基础上,以1991-2007年的经济数据为样本,对我国的房价波动和股价波动引起的消费波动进行实证研究,进而比较两种资产的财富效应差异。研究发现,我国住宅和股票两种资产之间的财富效应存在明显的差异,即房价波动存在着一个微弱的财富效应,而股票市场的价格波动不仅不存在财富效应,而且对消费有一定的抑制效应。
On the basis of summarizing and studying predecessors’ studies, taking the economic data of 1991-2007 as a sample, this paper conducts an empirical study on the fluctuation of housing prices and the fluctuation of consumption caused by stock price fluctuations in China, and then compares the wealth effects of the two assets. The study found that there is a significant difference in the wealth effect between the two assets of China’s housing and stock, that is, there is a weak wealth effect in the fluctuation of housing prices. However, the volatility in the stock market not only does not have the wealth effect, but also restrains the consumption effect.