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Is there a housing wealth effect in European countries?

Anita Čeh Časni orcid id ; Faculty of Economics and Business, University of Zagreb, Croatia

Puni tekst: engleski pdf 219 Kb

str. 30-40

preuzimanja: 442



In this study, a housing wealth effect on personal consumption is assumed and tested on 16 selected European countries using an estimator developed for dynamic heterogeneous panel data analysis. Empirical estimates have shown that there is a long-run and a short-run housing wealth effect in analysed countries. The elasticity of real private consumption to changes in real disposable income has shown to be positive and statistically significant as well as the elasticity of consumption to changes in real housing wealth. Therefore, the research hypothesis of this paper of a statistically significant and positive long term relationship between housing wealth and private consumption in the analysed countries was confirmed.

Ključne riječi

European countries; housing wealth effect; personal consumption; pooled mean group estimator

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