An Empirical Study on the Wealth Effect of Residents’ Wealth——Based on the Difference among Eastern, Central and Western Regions
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An Empirical Study on the Wealth Effect of Residents’ Wealth——Based on the Difference among Eastern, Central and Western Regions
ZHOU Chun-xi1, MAO Chao-xuan2, YANG Zhen1
1.Finance Research Center, Zhejiang Gongshang University, Hangzhou 310018, China; 2.Department of Applied Mathematics, Shanghai Finance University, Shanghai 201209, China
Abstract Because the level of financial development differs among the eastern, the central and the western parts of our country, the wealth effects of property asset and stock asset may also exhibit considerable differences. Based on the data of 35 large and medium-sized cities during the period from 2000 to 2010, this paper investigates the wealth effects of property asset and stock asset in the eastern, the central and the western regions by the method of panel co-integration. The results show that housing asset and residents’ consumption are positively related in the three regions and the wealth effects of housing assets do not exhibit significant difference. However, the relationship between stock assets and residents’ consumption differs among the eastern, the central and the western regions. In the eastern part, stock asset and consumption are significantly related, but changes in stock price do not have much impact on consumption. While in the central and the western regions, the wealth effects of stock asset are not significant.
ZHOU Chun-Chi,MAO Chao-Shua,YANG Zhen. An Empirical Study on the Wealth Effect of Residents’ Wealth——Based on the Difference among Eastern, Central and Western Regions. Economic Survey, 2014, 31(6): 014.
2014, Vol. 31 
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