esri discussion paper series no 55 asset holding and consumption evidence from japanese panel data in the 1990s by masahiro hori satoshi shimizutani august 2003 economic social research institute cabinet office tokyo japan 1 we thank to of household economy kakei keizai kenkyu sho for providing us micro level survey also participants at seminar views expressed this are those authors do not necessarily represent or government e mail mfs cao go jp 2 abstract crash s stock land market should have had adverse effects on takes advantage a households evaluate impacts wealth gains losses spending obtain following empirical findings first stockholders is responsive
