Peltonen, Tuomas A.; Sousa, Ricardo M.; Vansteenkiste, … - In: International Review of Economics & Finance 24 (2012) C, pp. 155-166
We build a panel of 14 emerging economies to estimate the magnitude of wealth effects on consumption. Using modern econometric techniques and quarterly data, we show that: (i) wealth effects are statistically significant and relatively large in magnitude; (ii) stock market and housing wealth...