搜索
,,20103(110)u:2010204215u:(08JA790026);(09Y23);(07ZD79001)u:(19682),,,,)))(,510320):从资产市场的发展水平和居民参与资产市场的程度看,财富效应总体上应该在经济较发达的地区首先表现出来对广州城市居民资产的财富效应分析表明,广州市居民总体上的财富效应微弱,但住房资产财富效应强于金融资产财富效应这一现象除与资产的结构特征有关外,资产价值的波动也是一个重要原因为发挥居民资产的财富效应,实现中国经济增长方式的转型,货币政策应体现对资产价格波动的适时干预:财富效应;货币政策;资产市场:F014.5;F047.1:A:100822506(2010)0320043206,,Q,1990,:1990,,;1990,1990,(2009)[1];(2009)[2];(2008)[3],;(2007)[4],,(2008)[5];(2009)[6];(2007)[7];(2005)[8],,,,43JOURNALOFGUANGDONGUNIVERSITYOFBUSINESSSTUDIES,,No.3,SumNo.110,May.2010,,,,,,,3,:;;,()1))),:Ct=AAt+BYt,0A,B1(1),ABAtYt,A()2)))Benjamineta.l(2004)[9],StHt,GtYtGt,,Zt=Yt+GtbYbG,bYYtbGGtKS,:Wt=bYYt+bGGt+KSSt+Ht(2)Zt,:wt=bY+(bG-bY)+gt+KSSt+ht(3)ct=Ct/Zt(),MPCB,Ct=BWt,:ct=B[bY+(bG-bY)gt+KSSt+ht](4)(4)()3)))Benjamin,BenjaminbYYtbGGt,,(,)Benjamin,NicholasApergiseta.l(2005)[10],,(),,SFNSF,(5),(5)ct=B[bz+KS1sft+KS2nsft+ht](5)(1)(4)(5)1233,,()19802009565656;,(1978=44,,20103(110)100),=A(A100),()123ADF,1dlnpcdlnpdidlntadlnphdlnpftadlnsftadlnnsfta1,11ADF1%5%10%dlnpc(c,0,0)-6.093991-3.699871-2.976263-2.627420dlnpdi(c,0,0)-5.014135-3.699871-2.976263-2.627420dlnta(c,0,0)-3.606417-3.699871-2.976263-2.627420dlnph(c,0,1)-3.766732-3.711457-2.981038-2.629906dlnpfta(c,0,0)-3.729737-3.699871-2.976263-2.627420dlnsfta(c,0,0)-3.205297-4.004425-3.098896-2.690439dlnnsfta(c,0,1)-3.880801-3.711457-2.981038-2.629906:1.(c,0,1)11,0,c;2.5%;3.dlnpcdlnpdidlntadlnph(c,0,0),6;dlnsfta(c,0,0),3,()31,:dlnpct=c+Adlnpdit+Bdlntat(6)dlnpct=c+Adlnpdit+Bdlnftat+Cdlnpht(7)dlnpct=c+Adlnpdit+Bdlnsftat+Cdlnnsftat+Ddlnpht(8)()11(6)(9),(9),,(9),1%,11100%;1%,-01074%,(9)2dlnpc=11100dlnpdi-01074dlnta+[ar(1)=-01621,ar(5)=01489](9)2T(dlnpc)1:0.8607dlnpdi14.8025dlnta-1.9907ar(1)-4.5649ar(5)3.1829----2:0.9166dlnpdi17.0707dlnfta-4.8991c3.8047ar(1)-4.5777ar(6)-3.4795--3:0.9717dlnpdi20.1793dlnsfta2.5949dlnnsfta-4.8886dlnph5.6998ar(1)-5.5903ar(2)-3.2473:1.13,F,2F=58175493,010000,;2.,;3.2,,()22(7),T(010884),,(10):dlnpc=01026+01963dlnpdi-01175dlnfta+01002dlnph+[ar(1)=-0159,ar(6)=-0146](10),2(11),,1%,0196%;1%,-01173%;,,,dlnpc=01026+01964dlnpdi-01173dlnfta+[ar(1)=-016,ar(6)=-01466](11)()33(8)(12):dlnpc=01867dlnpdi+01013dlnsfta-01074dlnnsfta+01123dlnph+[ar(1)=-11365,ar(6)=-01726](12)1%,01867%;1%,-01013%;1%,-01074%;1%,01123%45JOURNALOFGUANGDONGUNIVERSITYOFBUSINESSSTUDIES,,No.3,SumNo.110,May.2010,,,,,,,2,,:(),1.,:199224112,199511312,199738113,1998114617,2000207315,,20021337172006,,2007106100,2007111000200812122,12%200862800,20091600200973400,800,2010,,,,1994~2008,-9114%-15182%208143%77109%18139%42101%132100%-10143%-27125%-7172%-13121%-14105%124168%247131%-54196%,-54196%,247131%(1)2.1990,1992~2009:2615%2918%911%1219%1315%1016%313%-015%219%218%317%418%1510%1617%613%1418%-116%2111%,1981~200815138%,-5118%,68194%(1),1(1981~2008)(1994~2008)()1980~2008,82154%,99179%,95150%,1985~200812126%,014%,516%,,,(3),,,(),,1980~20082141,1154,5144,2000,,46,,20103(110)3:%19931994199519961997199819992000200120022003200420052006200720080.450.350.270.791.211.291.683.182.591.671.371.080.761.523.891.7519451968199019971998199920002001200220032004262612283035~3828~3025~2823~2523~2525~28:1.::56,2005,243;2.:1993~20095656(),,,,,(),,,,,,(IMF)2009956,,,,(AntonioFatas,eta.l,2009)[11],,,(),,,,,:(1);(2),QDII;(3),;(4);(5),,,,(),,,,,,,,[1],.[J].,2009(13):1232125.[2],.[J].,2009(11):69272.[3],,.)))[J].,2008(6):79289.[4].[J].,2007(20):1042106.[5],,.[J].,2008(12):1162122.[6].[J].,2009(3):65269,85.47JOURNALOFGUANGDONGUNIVERSITYOFBUSINESSSTUDIES,,No.3,SumNo.110,May.2010[7].:199822006[J].,2007(5):41253.[8],,.[J].,2005(2):93296.[9]BENJAMINJOHND,CHINLOYP,DONALDJUDG.Realestateversusfinancialwealthinconsumption[J].JournalofRealEstateFinanceandEconomics,2004,3:3412354.[10]NICHOLASAPERGIS,STEPHENMMILLER.Resurrectingthewealtheffectonconsumption:furtheranalysisandextension[R].WorkingPaperUniversityofConnecticut,2005.[11]ANTONIOFATAS,PRAKASHKANNAN,PAURABANAL,eta.lLessonsformonetarypolicyfromassetpricefluctuations[R].WorldEconomicOutlook,2009.()AStudyontheAssetPriceFluctuationsandWealthEffectofUrbanResidents)))TakeGuangzhouasexampleLUOZuo2yan(SchoolofFinance,GuangdongUniversityofBusinessStudies,Guangzhou510320,China)Abstract:Generallyspeaking,wealtheffectshouldembodyitselfearlierinsomedevelopedareasaccordingtotheirstagesofdevelopmentanddegreeofinvolvementincapitalmarketbytheircitizens.TheanalysisofthewealtheffectofcapitalownedbycitizensinGuangzhoushowsthattheiroverallwealtheffectisveryweak,buttheirwealtheffectofhouseassetsisstrongerthanthatoffinancialassets.Thestructuralcharacteristicsofresidentspassetsisoneofthereasons,besides,thefluctuationsofassetpricesisanothermiportantfactorleadingtothiskindofphenome2non.InordertoputresidentspwealtheffectintooperationandrealizethetransformationofgrowthpatternforChinapseconomy,monetarypolicyshouldtakeproperactionstointervenefluctuationsinassetprices.Keywords:wealtheffec;tmonetarypolicy;assetmarkets(42)Investment,BankingFinanceSupportandPropertyBubbleHEZheng2xia(SchoolofEconomics,XuzhouNormalUniversity,Xuzhou221116,China)Abstract:Bysettingupaneconomicmodelofresidentia