The relationship between stock prices, house prices and consumption in OECD


Ludwig, Alexander ; Slok, Torsten


[img]
Preview
PDF
dp04_12.pdf - Published

Download (753kB)

URL: http://ub-madoc.bib.uni-mannheim.de/2732
URN: urn:nbn:de:bsz:180-madoc-27321
Document Type: Working paper
Year of publication: 2004
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Classification: JEL: E44 E20 ,
Subject headings (SWD): Aktienkurs , Gebäudewert , Vermögenseffekte des Geldes
Keywords (English): Consumption , wealth effect , panel cointegration , asset prices
Abstract: This paper analyzes the relationship between stock prices, house prices and consumption using data for 16 OECD countries. The panel data analysis suggests that the long-run responsiveness of consumption to permanent changes in stock prices is higher for countries with a market-based financial system than for countries with a bank-based financial system. Splitting the sample into the 1980s and 1990s further shows an increased sensitivity in the 1990's of consumption to permanent changes in stock prices for both countries with bank-based financial systems as well as countries with market-based financial systems. The relationship between changes in consumption and changes in house prices is positive for the second sample period across all specifications and financial systems.
Additional information:

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




+ Citation Example and Export

Ludwig, Alexander ; Slok, Torsten (2004) The relationship between stock prices, house prices and consumption in OECD. Open Access [Working paper]
[img]
Preview


+ Search Authors in

+ Download Statistics

Downloads per month over past year

View more statistics



You have found an error? Please let us know about your desired correction here: E-Mail


Actions (login required)

Show item Show item