01793cas a2200253 a 4500 AALejournalIMF008052 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451841640 1018-5941 BD-DhAAL BD-DhAAL Ludwig, Alexander. The Impact of Changes in Stock Prices and House Priceson Consumption in OECD Countries / Alexander Ludwig, Torsten Sloek. Washington, D.C. : International Monetary Fund, 2002. 1 online resource (37 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both countries with a market-based financial system and countries with a bank-based financial system moved toward a higher degree of responsiveness of consumption to changes in stock prices and house prices. Mode of access: Internet Sloek, Torsten. IMF Working Papers; Working Paper ; No. 2002/001 Full text available on IMF http://elibrary.imf.org/view/journals/001/2002/001/001.2002.issue-001-en.xml IMF e-Library