English, Article, Journal or magazine article edition: The relationship between stock prices, house prices and consumption in OECD Ludwig, Alexander; Sløk, Torsten

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The relationship between stock prices, house prices and consumption in OECD
Author
  • Ludwig, Alexander
  • Sløk, Torsten
Physical Description
  • preprint
Notes
  • This paper analyzes the relationship between stock prices, house prices and consumption using data for 16 OECD countries. The panel data analysis suggests that the long-run responsiveness of consumption to permanent changes in stock prices is higher for countries with a market-based financial system than for countries with a bank-based financial system. Splitting the sample into the 1980s and 1990s further shows an increased sensitivity in the 1990's of consumption to permanent changes in stock prices for both countries with bank-based financial systems as well as countries with market-based financial systems. The relationship between changes in consumption and changes in house prices is positive for the second sample period across all specifications and financial systems.
  • RePEc:xrs:sfbmaa:04-12
Language
  • English
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