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dc.contributor.authorApergis, Nicholas
dc.contributor.authorCoskun, Esra
dc.contributor.authorCoskun, Yener
dc.date.accessioned2020-09-01T09:36:06Z
dc.date.available2020-09-01T09:36:06Z
dc.date.issued2020-08-28
dc.identifier.citationApergis, N., Coskun, E., and Coscun, Y. (2020). 'Threshold effects of housing affordability and financial development on the house price-consumption nexus'. International Journal of Finance and Economics, pp. 1-22.en_US
dc.identifier.issn1076-9307
dc.identifier.doi10.1002/ijfe.2242
dc.identifier.urihttp://hdl.handle.net/10545/625136
dc.description.abstractThe study explores the asymmetric effect of housing and financial wealth on household consumption behavior using panel data from 24 OECD countries, spanning the period 2000 to 2016 by employing a financial development (FD) index (proxy for financial deepening) and the house price-to-income (HPI) ratio (proxy for housing affordability) through a threshold empirical framework. The analysis tests certain hypotheses, such as: (i) the housing wealth effect on consumption is stronger than its financial counterpart, (ii) overall wealth effects increase (decrease) during bubble (post bubble) periods, (iii) the higher level of financial development and the lower level of housing affordability ratio both result in stronger wealth effects, (iv) increasing wealth effects show a bubble formation. The results suggest that housing wealth has generally a greater positive effect on consumption. The effect of housing and financial wealth on consumption increases, depending on higher financial development and declining housing affordability. The evidence also suggests that the impact of housing and stock market wealth has increased during the dot.com and housing bubble periods.en_US
dc.description.sponsorshipN/Aen_US
dc.language.isoenen_US
dc.publisherWileyen_US
dc.relation.urlhttps://onlinelibrary.wiley.com/journal/10991158en_US
dc.relation.urlhttps://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2242en_US
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectResearch Subject Categories::SOCIAL SCIENCESen_US
dc.subjecthousing, financial wealth, household consumptionen_US
dc.titleThreshold effects of housing affordability and financial development on the house price-consumption nexusen_US
dc.typeArticleen_US
dc.identifier.eissn1099-1158
dc.contributor.departmentUniversity of Derbyen_US
dc.contributor.departmentUniversity of Huddersfielden_US
dc.contributor.departmentUniversity of Sheffielden_US
dc.identifier.journalInternational Journal of Finance and Economicsen_US
dcterms.dateAccepted2020-07-28
dc.author.detail786373en_US


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