Wealth Effects Out of Financial and Housing Wealth: Cross Country and Age Group Comparisons
Eva Sierminska and
Yelena Takhtamanova
No 4, LWS Working papers from LIS Cross-National Data Center in Luxembourg
Abstract:
This study is a contribution to the literature on the link between consumption and wealth (wealth effect). We use a new source of harmonized micro data (Luxembourg Wealth Study) to investigate whether there are differences in wealth effects out of different types of wealth and also across age groups. Three countries are considered: Canada, Italy and Finland. We find that the overall wealth effect out of housing is stronger than the effect out of financial wealth for all the countries in the sample. Additionally, in accordance with life cycle theory of consumption, we find housing wealth effect to be significantly lower for younger households. We also find between-country differences in the wealth effects.
JEL-codes: D1 J1 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2006-11
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Citations: View citations in EconPapers (5)
Published in The Effect of Wealth on Consumption Expenditures: Cross Country and Cross Socio-Demographic Group Comparisons , Ekonomia. Rynek, Gospodarka, Spo?ecze?stwo 20, (2008): 68-95
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Working Paper: Wealth effects out of financial and housing wealth: cross country and age group comparisons (2007) 
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Persistent link: https://EconPapers.repec.org/RePEc:lis:lwswps:4
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