Aladangady, A. (2017) ‘Housing wealth and consumption: evidence from geographically-linked microdata’, American Economic Review, 107(11), pp. 3415-3446, https://doi.org/10.1257/aer.20150491
Altissimo, F., Georgiou, E., Sastre, T. Valderrama, M.T., Sterne, G., Stocker, M., Weth, M.A., Whelan, K., Willman, A., (2005) ‘Wealth and asset price effects on economic activity’, ECB Occasional Paper No. 29, https://doi.org/10.2139/ssrn.752089
Blinder, A.S. and Solow, R.M. (1973) ‘Does fiscal policy matter?’, Journal of Public Economics, 2(4), pp. 319-337, https://doi.org/10.1016/0047-2727(73)90023-6
Boone, L., Giorno, C. and Richardson, P. (1998) ‘Stock market fluctuations and consumption behavior: some recent evidence’, OECD Working Paper 208, https://doi.org/10.1787/853414662323
Caceres, C. (2019) ‘Analyzing the effects of financial and housing wealth on consumption using micro data’, IMF Working Paper No. 2019/115, https://doi.org/10.5089/9781498316477.001
Campbell, J.Y. and Cochrane, J.H. (1999) ‘By force of habit: a consumption-based explanation of aggregate stock market behaviour’, Journal of Political Economy, 107(2), pp. 205-251, https://doi.org/10.1086/250059
Campbell, J.Y. and Cocco, J.F. (2007) ‘How do house prices affect consumption? Evidence from micro data’, Journal of Monetary Economics, 54(3), pp. 591-621, https://doi.org/10.1016/j.jmoneco.2005.10.016
Carroll, C.D., Otsuka, M. and Slacalek, J. (2011) ‘How large are housing and financial wealth effects? A new approach’, Journal of Money, Credit and Banking, 43(1), pp. 55-79, https://doi.org/10.1111/j.1538-4616.2010.00365.x
Case, K.E., Quigley, J.M. and Shiller, R.J. (2005) ‘Comparing wealth effects: the stock market versus the housing market’, The B.E. Journal of Macroeconomics, 5(1), 20121001, https://doi.org/10.2202/1534-6013.1235
Cheung, Y-W. and Ng, L.K. (1998) ‘International evidence on the stock market and aggregate economic activity’, Journal of Empirical Finance, 5(3), pp. 281-296, https://doi.org/10.1016/s0927-5398(97)00025-x
Chow, G.C. (1960) ‘Tests of equality between sets of coefficients in two linear regressions’, Econometrica, 28(3), pp. 591-605, https://doi.org/10.2307/1910133
Coskun, Y., Atasoy, B.S., Morri, G. and Alp, E. (2018) ‘Wealth effects on household final consumption: Stock and housing market channels’, International Journal of Financial Studies, 6(2), pp. 57-89, https://doi.org/10.3390/ijfs6020057
Dickey, D.A. and Fuller, W.A. (1979) ‘Distribution of the estimators for autoregressive time series with a unit root’, Journal of the American Statistical Association, 74(366), pp. 427-431, https://doi.org/10.1080/01621459.1979.10482531
Dickey, D.A. and Fuller, W.A. (1981) ‘The likelihood ratio statistics for autoregressive time series with a unit root’, Econometrica, 49(4), pp. 1057-1072, https://doi.org/10.2307/1912517
Di Maggio, M., Kermani, A. and Majlesi, K. (2020) ‘Stock market returns and consumption’, The Journal of Finance, 75(6), pp. 3175-3219, https://doi.org/10.1111/jofi.12968
Funke, N. (2004) ‘Is there a stock market wealth effect in emerging markets?’, Economics Letters, 83(3), pp. 417-421, https://doi.org/10.1016/j.econlet.2003.12.002
Geweke, J., Meese, R. and Dent, D.T. (1983) ‘Comparing alternative tests of causality in temporal systems: analytic results and experimental evidence’, Journal of Econometrics, 21, pp. 161-194, https://doi.org/10.1016/0304-4076(83)90012-X
Gonzalo, J. (1994) ‘Five alternative methods of estimating long-run equilibrium relationships’, Journal of Econometrics, 60(1-2), pp. 203-233, https://doi.org/10.1016/0304-4076(94)90044-2
Granger, C.W.J. (1969) ‘Investigating causal relations by econometric models and cross-spectral methods’, Econometrica, 37(3), pp. 424-438, https://doi.org/10.2307/1912791
Granger, C.W.J. (1988) ‘Some recent development in the concept of causality’, Journal of Econometrics, 39(1-2), pp. 199-211, https://doi.org/10.1016/0304-4076(88)90045-0
Guilkey, D.K. and Salemi, M.K. (1982) ‘Some sample properties of three tests for Granger causal ordering in a bivariate stochastic system’, The Review of Economics and Statistics, 64(4), pp. 668-680, https://doi.org/10.2307/1923951
International Monetary Fund (2002) Three essays on how financial markets affect real activity, World Economic Outlook, Chapter II, Washington DC, https://doi.org/10.5089/9781589061071.081.ch002
Johansen, S. (1988) ‘Statistical analysis of cointegration vectors’, Journal of Economic Dynamics and Control, 12(2-3), pp. 231-254, https://doi.org/10.1016/0165-1889(88)90041-3
Johansen, S. and Juselius, K. (1990) ‘Maximum likelihood estimation and inference on cointegration - with applications to the demand for money’, Oxford Bulletin of Economics and Statistics, 52(2), pp. 169-210, https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
Koh, K. and Han, H. (2026) ‘Does consumption spending respond to daily stock markets returns?’, Global Economic Review, 55(1), pp. 78-96, https://doi.org/10.1080/1226508X.2026.2636460
Lettau, M., Ludvigson, S.C. and Steindel, C. (2002) ‘Monetary policy transmission through the consumption-wealth channel’, Economic Policy Review, Federal Reserve Bank of New York, 8(1), pp. 117-133.
Liu, X. and Shu, C. (2004) ‘Consumption and stock markets in Greater China’, Applied Economics Letters, 11(6), pp. 365-368, https://doi.org/10.1080/1350485042000228204
Lopez-Calva, L.F., Lustig, N.C. and Ortiz-Juarez, E. (2012) ‘Declining inequality in Latin America in the 2000s: the case of Argentina, Brazil and Mexico’, Policy Research Working Paper No. 6248, Washington, DC, World Bank, https://doi.org/10.1596/1813-9450-6248
Ludwig, A. and SlÆk, T. (2002) ‘The impact of changes in stock prices and house prices on consumption in OECD countries’, IMF Working Paper WP/02/1, January, https://doi.org/10.5089/9781451841640.001
Nasseh, A. and Strauss, J. (2000) ‘Stock prices and domestic and international macroeconomic activity: a cointegration approach’, The Quarterly Review of Economics and Finance, 40(2), pp. 229-245, https://doi.org/10.1016/S1062-9769(99)00054-X
Osterwald-Lenum, M. (1992) ‘A note with quantiles of the asymptotic distribution of the maximum likelihood cointegration rank test statistics’, Oxford Bulletin of Economics and Statistics, 54(3), pp. 461-472, https://doi.org/10.1111/j.1468-0084.1992.tb00013.x
Peltonen, T.A., Sousa, R.M. and Vansteenkiste, I.S. (2009) ‘Wealth effects in emerging market economies’, ECB Working Paper Series No. 1000, https://doi.org/10.2139/ssrn.1334575
Phillips, P.C.B. and Perron, P. (1988) ‘Testing for a unit root in time series regression’, Biometrika, 75(2), pp. 335-346, https://doi.org/10.1093/biomet/75.2.335
Poterba, J. and Samwick, A. (1995) ‘Stock ownership patterns, stock market fluctuations, and consumption’, Brookings Papers on Economic Activity, 26(2), pp. 295-357, https://doi.org/10.2307/2534614
Poterba, J. (2000) ‘Stock market wealth and consumption’, Journal of Economic Perspectives, 14(2), pp. 99-118, https://doi.org/10.1257/jep.14.2.99
Singh, B. (2012) ‘How important is the stock market wealth effect on consumption in India?’, Empirical Economics, 42, pp. 915-927, https://doi.org/10.1007/s00181-010-0444-x
Singh, B. (2022) ‘Housing and stock markets wealth effects in developing economies’, International Economics and Economic Policy, 19, pp. 29-49, https://doi.org/10.1007/s10368-021-00510-9
Slacalek, J. (2006) ‘What drives personal consumption? The role of housing and financial wealth’, DIW Berlin Discussion Paper 647.
Zivot, E. and Andrews, D. (1992) ‘Further evidence on the great crash, the oil price shock, and the unit root hypothesis’, Journal of Business & Economic Statistics, 10(3), pp. 251-270, https://doi.org/10.1080/07350015.1992.10509904
Wongbangpo, P. and Sharma, S. (2002) ‘Stock market and macroeconomic fundamental dynamic interactions: ASEAN-5 countries’, Journal of Asian Economics, 13(1), pp. 27-51, http://dx.doi.org/10.1016/S1049-0078(01)00111-7
Wu, M. and Wang, Y. (2018) ‘Risk analysis of world major stock index before and after the 2008 financial crisis – Based on GARCH-VaR approach’, International Journal of Financial Research, 9(2), pp. 39-54, https://doi.org/10.5430/ijfr.v9n2p39