Wealth Effect of Residential Houses in China

被引：0
作者：
Dai, Wugang [1 ]
Sun, Wuqin [2 ]
Su, Xinxin [1 ,3 ]
机构：
[1] Ningbo Univ, Fac Business, Ningbo 315211, Zhejiang, Peoples R China
[2] Zhejiang Univ, Ningbo Inst Technol, Sch Econ & Trade, Ningbo, Zhejiang, Peoples R China
[3] Ningbo Univ, Fac Business, Ningbo, Zhejiang, Peoples R China
来源：
2013 3RD INTERNATIONAL CONFERENCE ON APPLIED SOCIAL SCIENCE (ICASS 2013), VOL 1 | 2013年
关键词：
Consumption; Houses price; Wealth effect; Liquidity constraint; FINANCE; GROWTH;
D O I：
暂无
中图分类号：
C [社会科学总论];
学科分类号：
03 ; 0303 ;
摘要：
In theory, the paper analyzes transmission mechanism of wealth effect of residential houses in perfect market and liquidity constraint effects in imperfect market. After constructing the empirical model, the provincial panel data from 1990 to 2010 are used to check wealth effect of residential houses and liquidity constraint effects in china. The empirical results mainly imply three points. Firstly, wealth effect of residential houses is significantly positive. Secondly, the regions of higher financial development, namely, lower external liquidity constraint, exhibit larger wealth effect of residential houses. Thirdly, there exists internal liquidity constraint based on the behavioral theory of life-cycle, as high saving rate suppresses wealth effect of residential houses.
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页码：340 / +
页数：2
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