The Stock Market, the Housing Market and Consumer Behaviour
The Stock Market, the Housing Market and Consumer Behaviour:

After the buoyancy of stock markets in the late nineties, share prices have generally trended downwards since 2001. By contrast, house prices have continued to increase, rising more rapidly than the general price level in several countries. These developments have led to renewed interest in the impa...

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Bibliographic Details
Main Author: Boone, Laurence (Author)
Other Authors: Girouard, Nathalie (Contributor)
Format: Electronic Book Chapter
Language:English
Published: Paris OECD Publishing 2003
Subjects:
Economics
Online Access:DE-384
DE-473
DE-824
DE-29
DE-739
DE-355
DE-20
DE-1028
DE-1049
DE-521
DE-861
DE-898
DE-92
DE-91
DE-573
DE-19
Volltext
Summary:After the buoyancy of stock markets in the late nineties, share prices have generally trended downwards since 2001. By contrast, house prices have continued to increase, rising more rapidly than the general price level in several countries. These developments have led to renewed interest in the impact of asset prices on consumption and overall demand. This paper analyses the roles of household financial wealth and housing wealth across G7 countries (with the exception of Germany), in determining private consumption. It provides some estimates of the sensitivity of consumption to various forms of wealth and tests whether these sensitivities have changed over time. The impacts of recent financial and housing market developments on consumption are also quantified. The main results are, first, that for all countries, wealth channels are identified, second, that these effects vary significantly across countries, and third that for some countries, their importance has tended to rise markedly over the recent past
Physical Description:1 Online-Ressource (38 Seiten)
DOI:10.1787/eco_studies-v2002-art12-en

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