1、1 2700 单词， 14500 英文字符 ,4000 汉字 出处： Hau L C. Stock Market and Consumption: Evidence from ChinaJ. Berkeley Undergraduate Journal, 2011, 24(3). STOCK MARKET AND CONSUMPTION: EVIDENCE FROM CHINA Section II. Literature Review: Stock Markets and Consumer Spending A. The Stock Market “Wealth Effect” The tr
2、aditional economic theory suggests that stock market returns change the wealth of the investors which subsequently and directly affects their spending. According to Deaton (1992), a stock market boom increases investors consumption, while a stock market crash causes a slowdown in economic activities
3、 such as consumer spending. Poterba (2000) further suggests that the stock market wealth effect would be strongest and most obvious among the small set of households who own the majority of corporate stock. In contrast, this effect for the other households should be modest. This is supported in most
4、 empirical studies in developed countries, which showed a positive correlation between stock price and macro-economic growth rate. For example, Johansen (1990) found a long-term equilibrium relationship between the securities prices in the U.S.A. stock market and macroeconomic variables. Studies on
5、this linkage in developing countries are, however, non-conclusive. Funke (2004) found a small, but statistically significant, link between private consumption growth and stock returns in most developing countries. In contrast, Harris (1997) showed that the effect of stock market on economic growth i
6、n developing countries is hardly observed. 2 B. The Uncertainty Hypothesis The above analysis focused exclusively on the direct effects of the changes in stock market wealth on consumer expenditure. It is, however, possible that the changes in stock prices affect consumer confidence and hence their spending even for households not holding stock. In recent decades, different economists have pointed out the importance of uncertainty on consumer expenditure. According to Katona (1975), c
