城镇居民金融资产与不动产财富效应的比较分析  

The Comparative Analysis on the Urban Residents' Wealth Effect

作　　者：骆祚炎[1] 

机构地区：[1]广东商学院金融学院

出　　处：《数量经济技术经济研究》2007年第11期56-65,共10页Journal of Quantitative & Technological Economics

基　　金：广东省自然科学基金资助项目(项目编号:05300947)的部分研究成果

摘　　要：城镇居民两种资产的财富效应呈现三个特点:一是住房资产的财富效应大于金融资产的财富效应;二是两种资产的财富效应差别不大;三是两种资产的财富效应较微弱。这表明:第一,住房对消费具有一定的支撑作用;第二,金融资产增值性不强和股市的波动限制财富效应的发挥;第三,较强的流动性约束制约住房资产的财富效应;第四,消费的过度敏感性使资产财富效应微弱。为了通过财富效应来促进消费,必须维持股市和房地产市场稳定的预期,大力发展金融市场,抑制住房价格的过快增长并促进住房市场平稳发展。The empirical analysis shows that the wealth effect presents three characteristics. The first is that the wealth effect of house assets is stronger than that of the financial assets. The second is that there is little difference in wealth effect between two kinds of assets. The third is that the wealth effect of two kinds of assets is quite weak. These reasons are followings： the first is that housing is the base of consumptiom the second is that the low profit of financial assets and the fluctuation of stock market have negative impact on wealth effect; the third is that the strong liquidity constraint constrains the wealth effect; the last is that the excessive sensitivity weakens the wealth effect of two kinds of assets, we should take actions to maintain stable expectations on stock market and housing market, stimu- late the development of financial market , control the soaring price of housing, and keep the stable development of housing market.

关 键 词：流动性 金融资产 不动产 财富效应 

分 类 号：F064.1[经济管理—政治经济学]