The Impact of Housing Prices on Aggregate Consumption: Evidence from an East Asian City-State

The Impact of Housing Prices on Aggregate Consumption: Evidence from an East Asian City-State

Using aggregate consumption data for Singapore, this paper rejects the life-cycle/permanent income and myopia hypotheses as explanations for aggregate consumption behavior. We confirm the presence of liquidity constraints from the asymmetric reaction of consumption to income increases vis-a-vis inco...

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Bibliographic Details
Main Author: PHANG, Sock-Yong
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2002
Subjects:
Housing wealth effects
consumption
Singapore
liquidity constraints
collateral enhancement
Asian Studies
Public Economics
Real Estate
Online Access:https://ink.library.smu.edu.sg/soe_research/1195
https://ink.library.smu.edu.sg/context/soe_research/article/2194/viewcontent/JUE20021.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/soe_research/1195
https://ink.library.smu.edu.sg/context/soe_research/article/2194/viewcontent/JUE20021.pdf

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