Using data from the Bank of Italy S

Using data from the Bank of Italy Survey of Household Income and Wealth and
Flow of Funds, this paper provides a picture of the changes and trends in Italian
households wealth and evidence on the relationship between wealth and consumer
spending over the 1990s. Despite the substantial expansion of net worth boosted
by exceptional increases in asset prices between 1995 and 2000, wealth effects on
consumption appear to be small. Stock market effects turn out negligible due to the
small marginal propensity to consume out of financial wealth and to the modest
share of corporate equity in household portfolios. Further, over the second half of
the 1990s, households have been net buyers of financial assets and, on the whole,
they appear to have cashed in, directly or indirectly, very little of the capital gains
accrued on their wealth, which is consistent with the lack of evidence of important
direct wealth effects on consumption. Housing market effects turn out to be also
small, although larger than the stock market effects, despite the diffusion of real
estate holdings across households.

結果 (中文) 1:

使用来自银行的意大利调查的家庭收入和财富的数据，流动的资金，本文提供的变化和趋势在意大利语中的图片家庭财富和财富和消费者之间关系的证据上世纪 90 年代的开支。尽管净资产的大幅提升，推动了在 1995 年至 2000 年，财富效应对资产价格的例外增加消费似乎是小。股票市场的影响会由于可以忽略不计小边际消费金融财富，对谦虚的倾向在家庭投资组合中的公司股权的份额。进一步，在第二个一半上世纪 90 年代，家庭一直净买家的金融资产，以整，他们似乎已经兑现，直接或间接地，很少的资本收益对他们的财富，与缺乏的重要证据是一致的应计直接财富对消费的影响。房屋市场的影响就是也小，虽然大于股票市场的影响，尽管真正的扩散整个家庭的全部财产。

結果 (中文) 3:

使用从意大利银行的家庭收入和财富的调查数据资金流动，本文提供了一个在意大利的变化和趋势的图片家庭财富与财富与消费关系的实证研究在20世纪90年代的支出，尽管净资产大幅扩张通过特殊的资产价格上涨2000和1995之间，财富的影响消费似乎很小。股市的影响，转出可以忽略不计的小的边际消费倾向于金融财富和适度的消费家庭投资组合中的公司股权。此外，在下半年20世纪90年代以来，家庭一直是金融资产的净买家，并在整体上，他们似乎已经兑现，直接或间接的资本收益很小应计在他们的财富上，这与缺乏重要的证据相一致直接财富对消费的影响。房地产市场的影响也将是小，虽然股票市场影响较大，尽管实际扩散跨户房地产控股。