House Prices and Aggregate Consumption: Do they Move Together? Evidence from Singapore
Using data from Singapore, we find no evidence that house price increases have produced either wealth or collateral enhancement effects on aggregate consumption. We confirm the presence of liquidity constraints from the asymmetric reaction of consumption to income increases vis-a-vis income declines...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2004
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| Online Access: | https://ink.library.smu.edu.sg/soe_research/448 https://doi.org/10.1016/j.jhe.2004.04.003 |
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| Institution: | Singapore Management University |
| Language: | English |