西方发达国家资产价格波动的财富效应及其传导机制

资产价格变化导致居民财富的变化,而财富变化必然导致居民消费支出的相应变化,这就是我们通常所说的财富效应。股票市场财富在市场主导型金融系统国家中对消费的影响效应更大,同时,股票市场价格变化所引起的消费变化的大小会随着时间的推移而显著增长。而对房地产财富而言,其对消费的财富效应是不确定的,但是,随着各国金融市场自由化的推进和金融系统的不断深化,以及各国金融市场信息透明度的不断提高,可以预期的是,房地产财富对消费的正面促进作用变得越来越重要。

Wealth Effect of Assets Price Fluctuation and Conduct Mechanism in Western Countries and Conduct Mechanism

The fluctuation of assets price causes fluctuation of residents'wealthy,which inevitably will cause the correspond fluctuation of residents'consume expend.This is wealth effect we often say.The influence of stock market wealth on consumption is larger in financial system nation mainly leaded by market than others,simultaneously,consumption caused by stock fluctuation of market price will change outstandingly with time.But to real estate wealth,the wealth effect on consumption is uncertain,but with financial marketing and financial system deepening in the world,and the clarity raising of financial market information,it can be expected that the promoting function on consumption for real estate wealth will become more and more important.