Consumption, Housing and Stock Market Wealth in European Post-Transition Countries (CROSBI ID 573580)
Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Vizek, Maruška
engleski
Consumption, Housing and Stock Market Wealth in European Post-Transition Countries
This study analyzes the relationship between stock market wealth, housing market wealth and consumption using data for 4 Central and Eastern European countries (CEEC) ; Bulgaria, Croatia, Estonia and the Czech Republic. We use cointegration, vector error correction models and impulse response functions which facilitate the assessment of long run and short run responsiveness of consumption to permanent changes in stock market wealth and housing wealth. We find evidence that supports the presence of the long run wealth effect in Bulgaria, Croatia, and the Czech Republic. In Bulgaria only stock market wealth effect matters, while in the remaining two countries both types of wealth effects are important. In the short run income and consumption adjust most of the discrepancies, while stock market and housing wealth are weakly exogenous.
post-transition; consumption; wealth
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Podaci o prilogu
2011.
objavljeno
Podaci o matičnoj publikaciji
978-9949-430-50-5
Podaci o skupu
3rd International Conference "Economies of Central and Eastern Europe: Convergence, Opportunities and Challenges"
predavanje
12.06.2011-14.06.2011
Talin, Estonija