Consumption, wealth, stock and housing returns : evidence from emerging markets
In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that, when ag...
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| Formato: | workingPaper |
| Idioma: | eng |
| Publicado em: |
2011
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| Texto completo: | http://hdl.handle.net/1822/14589 |
| País: | Portugal |
| Oai: | oai:repositorium.sdum.uminho.pt:1822/14589 |