scholarly journals Housing Wealth Effect of Homeowners by Income Classafter Global Financial Crisis

2017 ◽  
Vol 92 (null) ◽  
pp. 3-20
Author(s):  
Hyeon Ji Yu ◽  
Young-sungLee
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Wealth Effect ◽  
Housing Wealth ◽  
Housing Wealth Effect

scholarly journals Saving Behavior and Housing Wealth Evidence from German Micro Data

2018 ◽  
Vol 238 (6) ◽  
pp. 501-539
Author(s):  
Sören Gröbel ◽  
Dorothee Ihle
Keyword(s):  
House Prices ◽  
House Price ◽  
Wealth Effect ◽  
Housing Wealth ◽  
Price Shocks ◽  
Household Level ◽  
Underlying Causes ◽  
Saving Behavior ◽  
Housing Wealth Effect ◽  
Important Position

Abstract Housing property is the most important position in a household’s wealth portfolio. Even though there is strong evidence that house price cycles and saving patterns behave synchronously, the underlying causes remain controversial. The present paper examines if there is a wealth effect of house prices on savings using household-level panel data from the German Socio-Economic Panel for the period 1996-2012. We find that young homeowners decrease their savings in response to unanticipated house price shocks, whereas old households hardly respond to house price changes. Although effects are relatively low in magnitude, we interpret this as evidence of a housing wealth effect.

scholarly journals Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?

2015 ◽  
Author(s):  
Narayan Bulusu ◽  
Jefferson Duarte ◽  
Carles Vergara-Alert
Keyword(s):  
Common Factor ◽  
Wealth Effect ◽  
Housing Wealth ◽  
The Common ◽  
Housing Wealth Effect

scholarly journals WILL THE HOUSING WEALTH EFFECT COMPENSATE THE MACRO-ECONOMY? EVIDENCE FROM TAIWAN’S DOMESTIC CONSUMPTION

2020 ◽  
Vol 24 (3) ◽  
pp. 197-214
Author(s):  
Hong-Jhong Cheng ◽  
Nan-Yu Wang ◽  
Chien-Wen Peng ◽  
Chih-Jen Huang
Keyword(s):  
Durable Goods ◽  
Positive Relationship ◽  
Negative Impact ◽  
Housing Prices ◽  
Wealth Effect ◽  
Housing Wealth ◽  
Dynamic Adjustment ◽  
Domestic Consumption ◽  
Significant Positive Relationship ◽  
Housing Wealth Effect

This paper examines the relationship between the escalation in housing prices and categories of Taiwan’s domestic consumption. While disposable income remains constant, a rapid escalation in housing prices should have a negative impact on unaffordability within society. However, under the hypothesis of the housing wealth effect, an increase in housing values should compensate the macro-economy by increasing consumption in the GDP calculation. Taiwanese data from 2007Q1 to 2018Q1 were adopted as the sample. From the vector error correction model results, it was found that over the course of the long-run equilibrium relationship, there was a statistically significant positive relationship that the society consumes more on durable goods of communication-related nature, as well as on non-durable goods such as personal clothing and accessories and leisure/cultural tourism. As for the short-run dynamic adjustment, there was a statistically significant positive relationship that the society consumes more in the durable goods component categories. It was identified that transportationrelated consumption accounted for the major part of the durable goods component. Therefore, with the rapid escalation in housing prices, it was observed that these consumption would compensate the consumption figures in the GDP calculation in Taiwan, thereby providing evidence that housing prices were related to macroeconomic performance.

scholarly journals A Re-evaluation of Housing Wealth Effect in Korea

2008 ◽  
Vol 30 (2) ◽  
pp. 1-25
Author(s):  
김장열 ◽  
이항용
Keyword(s):  
Wealth Effect ◽  
Housing Wealth ◽  
Housing Wealth Effect

scholarly journals A Dynamic Model of Housing Wealth Effect: Based on the Diversity of Wealth Expectations

2014 ◽  
Vol 2 (1) ◽  
pp. 47-53
Author(s):  
Danxiao Jiao ◽  
Di Wu ◽  
Xiuting Li ◽  
Jichang Dong ◽  
Desheng Dash Wu
Keyword(s):  
Dynamic Model ◽  
Empirical Test ◽  
Wealth Effect ◽  
Housing Wealth ◽  
Consumption Function ◽  
Effect Model ◽  
Poor Group ◽  
Housing Wealth Effect ◽  
The Rich ◽  
The Relationship

AbstractConsidering the dynamics and diversity of wealth expectations, this paper follows and extends Hall’s consumption function to establish a new dynamic model of housing wealth effect. People are classified into the rich group and the poor group and a housing wealth effect model is made for each group to explore the relationship between housing wealth effect and social inequality. We get three interesting conclusions which are helpful for further empirical test apart from the former deviation or fallacy.

Wealth Effects Of Housing Market And Stock Market On Outbound Tourism In Singapore

2020 ◽  
Author(s):  
Chew Ging Lee
Keyword(s):  
Stock Market ◽  
Public Housing ◽  
Strong Evidence ◽  
Information Criterion ◽  
Wealth Effect ◽  
Wealth Effects ◽  
Housing Wealth ◽  
Weak Evidence ◽  
Housing Wealth Effect ◽  
The Government

This research note investigates the effects of stock market wealth and housing wealth on the demand for international tourism by the residents of Singapore while controlling for other important determinants for outbound tourism. The empirical results suggest that there are weak evidence to support the presence of stock market wealth effect and strong evidence to support the presence of housing wealth effect on outbound tourism. Weak evidence of stock market wealth effect is observed because the model derived from Akaike Information Criterion does not find significant effect of stock market wealth, but the model derived from Schwartz Criterion shows that positive stock market wealth effect is present. Strong evidence of housing wealth effect is observed because models estimated with both criteria show that housing wealth has negative effect on such consumption. The conclusion explains why the importance of public housing and the government intervention in public housing in Singapore lead to such negative housing wealth effect.

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