An Empirical Study On The Fluctuation Of Assets Price Wealth Effect In China

In recent years, the asset price volatility and changes in the relationship between the consumption are great concerned by economic researchers and policy makers, and this concern stems from the past 20 years of asset price fluctuations of the enormous impact on the economy. As the financial markets the development of the stock and real estate, they are becoming a significant impact on consumer behavior of the assets.In the international arena, since 1990, some countries in Europe and America and Japan fluctuations in the price of real estate on the influence of the consumption growing, the United States Federal Reserve Bank Chairman Alan Greenspan in the United States in 2001 judgments that the real estate price fluctuations consumption is greater than the impact of the stock, and this trend is strengthening in the United States. From the terms of the domestic situation, as the stock and real estate as the importance of consumer assets rising and the capital market has become the top priority of China's macro-regulation and control. China's asset prices and the wealth effect of fluctuations is still in the initial stage, China's capital market is the existence of a wealth effect and what are the root causes of problems, and many other basic theory has not yet been resolved. And the different understanding and judging about the asset price fluctuations wealth effect will lead to different macro-control policies, and thus influence the effectiveness of macro-control policies and the economic situation.Therefore, developed countries such as Europe and the United States concluded by asset price fluctuations on the impact of spending on the basis of price fluctuations on our assets the wealth effect, asset price fluctuations study the impact on the national economy mechanism, we grasp on the stock and housing prices the impact of fluctuations in the consumer channel, and give full play to the wealth effect of asset prices, and promote the growth of total consumption is of great significance.In sum up and draw on previous theories of China's capital market and the status quo, using from 1999 first quarter to 2007 second quarter data for the quarter, the stock market and real estate market as the representative of the Chinese capital market and the growth in consumption of the relationship between the empirical analysis. Empirical results and Boone (2002) and Case, Shiller and Quigley (2001) on substantially the same conclusions: China and the major western developed countries, the stock market and real estate market have shown a certain degree of wealth effect, the real estate market than the stock market wealth effect caused by the wealth effect; Along with the time, the wealth effect of the two markets will be enhanced. Study abroad and different is that our housing prices caused by the wealth effect caused by far than stock wealth effect is much greater. An Empirical Analysis of the results and on the basis of the emergence of the reasons for this difference, To give full play to China's asset prices and wealth effects of macroeconomic policy formulation and adjustment of relevant policy recommendations.