in Hong Kong to study the relationship between housing wealth and household consumption. I identify a significant effect … of housing wealth on consumption. A pure wealth effect can explain part of the sensitivity: households with multiple … houses have much stronger consumption responses. Consistent with a relaxation of the credit constraints, mortgage refinancing …

Purpose: In this study, we empirically demonstrate how the new variable of "cyclical consumption" can capture … consumption risk and predict expected stock returns, which relationship is stronger and should be considered as the primary macro … cyclical consumption in the Korean capital market. Design/methodology/approach: The basic research design is composed of three …

We analyse income and expenditure distribution in China in a comparative perspective with India. These countries … expenditure in India, especially at the top of the distribution. Both types of inequality are similar in China, although … expenditure is more unequally distributed than income in urban areas. China has a much stronger correlation in individual ranks …