Consumption and stock markets in Greater China

被引：2

作者：

Liu, XH ^{[1
]}

Shu, C

机构：

[1] Univ Loughborough, Sch Business, Loughborough LE11 3TU, Leics, England

[2] Hong Kong Monetary Author, Hong Kong, Hong Kong, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2004年 / 11卷 / 06期

关键词：

D O I：

10.1080/1350485042000228204

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the causal links between stock market performance and consumption for Greater China using a VECM framework. Bi-directional causality between stock prices and consumption is found for Hong Kong and Taiwan. This indicates that the previous studies may have overestimated the wealth effect of stock markets without taking account of the reverse causation from consumption to the stock markets. Only one-way causality running from consumption to stock prices has been established for Mainland China.

引用

页码：365 / 368

页数：4

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