Financial wealth effects and consumption expenditure

经济 消费(社会学) 金融市场 金融资产 金融中介 财务 国富 财富需求弹性 金融服务 消费支出 资本化 货币经济学 宏观经济学 社会科学 经济衰退 社会学 语言学 哲学
作者
Vighneswara Swamy
出处
期刊:International Journal of Finance & Economics [Wiley]
卷期号:27 (2): 1933-1946 被引量:4
标识
DOI:10.1002/ijfe.2251
摘要

Abstract There has been a renewed interest in the wealth effects on household consumption expenditure mostly in the background of the global financial crisis and Eurozone turmoil. The available literature on wealth effects mostly focuses on advanced economies. Hence, this article studies the financial wealth effects on private final consumption expenditure (PFCE) in an emerging economy like India. We use the quarterly data for the period 1951–2015 and employ the ARDL method that has the flexibility in overcoming the econometric issues associated with the traditional methods in the analysis of time series models. The results suggest that financial assets wealth in the form of stock market capitalization (MC) significantly affects the PFCE. This article establishes the long‐run positive relationship between financial wealth assets and household consumption. The major inference is that households are closely linked with the financial markets through their investments in the form of insurance, mutual funds, company deposits, company stocks, and other forms. Hence their consumption behavior is significantly affected by the financial wealth created by the financial markets. The policy implication is to make the financial markets more transparent, easy to access by reducing the related financial intermediation costs leading to a deeper integration of the households with the financial markets, which in turn would result in increased financial asset wealth generation and consequently increased household consumption to boost economic growth.
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