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Title: The impact of housing and financial wealth on household consumption : evidence from Hong Kong
Authors: Tse, RYC
Man, KF
Choy, L 
Issue Date: 2007
Source: Journal of real estate literature, 2007, v. 15, no. 3, p. 429-440 How to cite?
Journal: Journal of Real Estate Literature 
Abstract: Housing is the most important single investment for most individual investors. Thus, the equity of housing capital would have a major psychological impact on the homeowners through a consumption effect. This study explores the wealth effect of housing and stock markets in Hong Kong. Taking into account the factors of money supply and interest rate, the results show that there is a long-term equilibrium relationship between household consumption and the changes in housing wealth. This effect appears to be more significant than that associated with changes in financial wealth.
ISSN: 0927-7544
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