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The Impact of Housing and Financial Wealth on Household Consumption: Evidence from Hong Kong

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  • Raymond Tse
  • K Man
  • L Choy

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.

Suggested Citation

  • Raymond Tse & K Man & L Choy, 2007. "The Impact of Housing and Financial Wealth on Household Consumption: Evidence from Hong Kong," Journal of Real Estate Literature, Taylor & Francis Journals, vol. 15(3), pages 429-440, January.
    • Handle: RePEc:taf:rjelxx:v:15:y:2007:i:3:p:429-440
    DOI: 10.1080/10835547.2007.12090213
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    Cited by:

    1. Ahmet Hamdi Yanık & Ahmet İncekara, 2024. "Relationship Between Household Consumption and Disaggregated Wealth Components in OECD Countries: Panel Data Analysis for the Period 2010-2017," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 11(2), pages 370-382, July.

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