Multi-Horizon Financial and Housing Wealth Effects across the U.S. States

Multi-Horizon Financial and Housing Wealth Effects across the U.S. States

We investigate for the presence of multi-horizon wealth effects across U.S. states over the period of 1975:Q2 to 2012:Q2 by utilizing multi-horizon non-causality testing and multi-horizon causality measurement. At the state/aggregate level, we document that housing wealth has more statistically sign...

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Main Authors: Yener Coskun, Christos Bouras, Rangan Gupta, Mark E. Wohar
Format: Article
Language:English
Published: MDPI AG 2021-01-01
Series:Sustainability
Subjects:
consumption
housing wealth effect
financial wealth effect
multi-step causality
Online Access:https://www.mdpi.com/2071-1050/13/3/1341
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spelling doaj-73383e4606f342d6af4c3ff05539f7532021-01-29T00:00:54ZengMDPI AGSustainability2071-10502021-01-01131341134110.3390/su13031341Multi-Horizon Financial and Housing Wealth Effects across the U.S. StatesYener Coskun0Christos Bouras1Rangan Gupta2Mark E. Wohar3Capital Market Board of Turkey, TED University, Mustafa Kemal Mah, Dumlupinar Blv, 06530 Ankara, TurkeyDepartment of Banking and Financial Management, University of Piraeus, 18534 Piraeus, GreeceDepartment of Economics, University of Pretoria, Pretoria 0002, South AfricaCollege of Business Administration, University of Nebraska at Omaha, Omaha, NE 68182, USAWe investigate for the presence of multi-horizon wealth effects across U.S. states over the period of 1975:Q2 to 2012:Q2 by utilizing multi-horizon non-causality testing and multi-horizon causality measurement. At the state/aggregate level, we document that housing wealth has more statistically significant and persistent impact on private consumption than financial wealth. We also find that state-level housing/financial wealth effects are present at long time horizons and exhibit heterogeneity across the U.S. From a policy perspective, we suggest that state-level policies may specifically utilize the housing market to support consumption and growth.https://www.mdpi.com/2071-1050/13/3/1341consumptionhousing wealth effectfinancial wealth effectmulti-step causality
collection DOAJ
language English
format Article
sources DOAJ
author Yener Coskun
Christos Bouras
Rangan Gupta
Mark E. Wohar
spellingShingle Yener Coskun
Christos Bouras
Rangan Gupta
Mark E. Wohar
Multi-Horizon Financial and Housing Wealth Effects across the U.S. States
Sustainability
consumption
housing wealth effect
financial wealth effect
multi-step causality
author_facet Yener Coskun
Christos Bouras
Rangan Gupta
Mark E. Wohar
author_sort Yener Coskun
title Multi-Horizon Financial and Housing Wealth Effects across the U.S. States
title_short Multi-Horizon Financial and Housing Wealth Effects across the U.S. States
title_full Multi-Horizon Financial and Housing Wealth Effects across the U.S. States
title_fullStr Multi-Horizon Financial and Housing Wealth Effects across the U.S. States
title_full_unstemmed Multi-Horizon Financial and Housing Wealth Effects across the U.S. States
title_sort multi-horizon financial and housing wealth effects across the u.s. states
publisher MDPI AG
series Sustainability
issn 2071-1050
publishDate 2021-01-01
description We investigate for the presence of multi-horizon wealth effects across U.S. states over the period of 1975:Q2 to 2012:Q2 by utilizing multi-horizon non-causality testing and multi-horizon causality measurement. At the state/aggregate level, we document that housing wealth has more statistically significant and persistent impact on private consumption than financial wealth. We also find that state-level housing/financial wealth effects are present at long time horizons and exhibit heterogeneity across the U.S. From a policy perspective, we suggest that state-level policies may specifically utilize the housing market to support consumption and growth.
topic consumption
housing wealth effect
financial wealth effect
multi-step causality
url https://www.mdpi.com/2071-1050/13/3/1341
work_keys_str_mv AT yenercoskun multihorizonfinancialandhousingwealtheffectsacrosstheusstates
AT christosbouras multihorizonfinancialandhousingwealtheffectsacrosstheusstates
AT rangangupta multihorizonfinancialandhousingwealtheffectsacrosstheusstates
AT markewohar multihorizonfinancialandhousingwealtheffectsacrosstheusstates
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