English Abstract: This paper analyzes the effects of wealth and household debt on household consumption expenditure … research. Financial assets (stock price index) have a positive wealth effect, however, household's real assets (house price … index) have a negative wealth effect which is different from previous research. Household debt has a positive effect on …

effects of asset wealth that reflects changes in both price and quantity. It is found that asset wealth has a long-run effect … on consumption in addition to total income as determinants of consumption. Since wealth effects usually indicate the long …-run effect of changes in asset wealth on consumption that is not explained by labor income, which is the proxy for human source …

which has decreased consumption consequently leading to the failure of the wealth effect mechanism. In addition, because …