The Wealth Effect of Chinese Household Assets and Its Influence on Consumption Demand
At present,the rapidity of economic growth in China is slower.The weakness of economic growth driving of consumption demand emerges.Based on consumption function,this paper uses cointegration theory and Vector Error Correction model which are based on VAR model and combines Granger Causality Test to conduct an empirical study on the wealth effect of Chinese residents assets that mainly include the aspects of stock market and real estate market in China.The research results show: the wealth effect of Chinese stock market is relatively feeble because of Chinese stock market existing problems in scale,operation and managing policies;compared with stock market,the wealth effect of real estate market is comparably significant,with 1％ increase on real estate market wealth,there will be 1.36％ increase in consumption expenditure.Currently,dispensable income is the main factor influencing the consumption demand in China,so the fundamental ways to promote consumption increase in China are promoting the increase of income of households and stabilizing income expectation.
Cointegration Consumption function Granger test VEC Wealth effect
ZHI Dalin HAN Jianyu
School of Economics,Northeast Normal University,P.R.China,130117
国际会议
2007 International Conference on Management Science and Engineering(2007管理科学与工程国际学术会议)
河南焦作
英文
1068-1075
2007-08-20（万方平台首次上网日期，不代表论文的发表时间）