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


Ludwig, Alexander ; Slok, Torsten


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URL: http://ub-madoc.bib.uni-mannheim.de/297
URN: urn:nbn:de:bsz:180-madoc-2974
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: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 330 Economics
Subject headings (SWD): Aktienkurs , Gebäudewert
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 1990s of consumption to permanent changes in stock prices for both countries with bank-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.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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