Please use this identifier to cite or link to this item: http://buratest.brunel.ac.uk/handle/2438/11280
Title: Housing wealth, financial wealth, and consumption: new evidence for Italy and the UK
Authors: Costantini, M
Barrell, R
Meco, I
Keywords: Financial wealth;Housing wealth;Consumption;Financial crisis
Issue Date: 2015
Publisher: Elsevier
Citation: International Review of Financial Analysis
Abstract: This paper aims to investigate the long-run impact of housing and financial wealth on consumption in Italy and the UK using two different estimation methods. The novelty of the paper is to consider the recent financial crisis when studying wealth effects. The dynamics of wealth effects is also evaluated by a rolling regression analysis. The results show that: i) housing wealth plays no role in Italy, whereas it is significant in the UK; ii) in both countries, the financial wealth exerts a positive and signiicant impact on aggregate consumption; iii) by and large, the housing wealth effect assumes relatively increasing importance over time in the UK, while for Italy this is true for the financial wealth effect.
Description: This article has been made available through the Brunel Open Access Publishing Fund.
URI: http://bura.brunel.ac.uk/handle/2438/11280
metadata.dc.relation.isreplacedby: 2438/12988
http://bura.brunel.ac.uk/handle/2438/12988
ISSN: 1057-5219
Appears in Collections:Brunel OA Publishing Fund
Dept of Economics and Finance Research Papers

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