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Conference Paper: The Impact of Housing and Financial Wealth on Household Consumption: Evidence from Hong Kong
Title | The Impact of Housing and Financial Wealth on Household Consumption: Evidence from Hong Kong |
---|---|
Authors | |
Issue Date | 2007 |
Citation | The 12th Asian Real Estate Society (AsRES) Annual Conference
and The 2007 AREUEA International Conference, Macau, China, 10-12 July 2007 How to Cite? |
Abstract | Housing is the most important single investment for most individual investors. Thus,
the equity of housing capital would have a major psychological impact on the
homeowners through a consumption effect. This study explores the wealth effect of
housing and stock markets in Hong Kong. Taking into account the factors of money
supply and interest rate, our results show that there is a long-term equilibrium
relationship between household consumption and the changes in housing wealth. This
effect appears to be more significant than that associated with changes in financial
wealth. |
Persistent Identifier | http://hdl.handle.net/10722/115983 |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Man, KF | en_HK |
dc.contributor.author | Tse, YC | en_HK |
dc.contributor.author | Yiu, CY | en_HK |
dc.date.accessioned | 2010-09-26T06:10:18Z | - |
dc.date.available | 2010-09-26T06:10:18Z | - |
dc.date.issued | 2007 | en_HK |
dc.identifier.citation | The 12th Asian Real Estate Society (AsRES) Annual Conference and The 2007 AREUEA International Conference, Macau, China, 10-12 July 2007 | - |
dc.identifier.uri | http://hdl.handle.net/10722/115983 | - |
dc.description.abstract | Housing is the most important single investment for most individual investors. Thus, the equity of housing capital would have a major psychological impact on the homeowners through a consumption effect. This study explores the wealth effect of housing and stock markets in Hong Kong. Taking into account the factors of money supply and interest rate, our results show that there is a long-term equilibrium relationship between household consumption and the changes in housing wealth. This effect appears to be more significant than that associated with changes in financial wealth. | - |
dc.language | eng | en_HK |
dc.relation.ispartof | The 12th Asian Real Estate Society (AsRES) Annual Conference and The 2007 AREUEA International Conference | en_HK |
dc.title | The Impact of Housing and Financial Wealth on Household Consumption: Evidence from Hong Kong | en_HK |
dc.type | Conference_Paper | en_HK |
dc.identifier.email | Yiu, CY: ecyyiu@hkucc.hku.hk | en_HK |
dc.identifier.authority | Yiu, CY=rp01035 | en_HK |
dc.identifier.hkuros | 127480 | en_HK |