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通过基于2000-2009年第二季度的我国房地产销售额、城镇居民消费支出和收入有关季度数据,运用面板协整模型,对我国居民消费的财富效应进行实证研究表明,全国、东部、中部面板的房地产财富效应为正值,表现出对消费的促进作用,并发挥了理论预期中的积极的财富效应;西部面板的房地产财富效应为负,且不显著;个体省份中不少省份已经出现负的财富效应,既有发达的东部省份、中部省份,也有所有欠发达的西部省份。
Based on quarterly data of real estate sales, consumption expenditure and income of urban residents in the second quarter of 2000-2009, using the panel cointegration model, an empirical study on the wealth effect of household consumption in China shows that the national, eastern and central panels The real estate wealth effect is positive, showing a positive effect on consumption and exerting positive wealth effect in theoretical expectation. The real estate wealth effect in the western panel is negative and insignificant. Many provinces in the individual provinces have been negative Wealth effect, both the developed eastern provinces, the central provinces, but also all less developed western provinces.