Asset Appreciation,Domestic Demand Expansion,and Economic Growth in the Post Industrial Stage
In the post industrial stage,major developed economies have experienced significant growth differentiation.This paper studies the economic growth of various countries from the demand side and finds that the difference in domestic demand expansion dynamics is the main reason for the differentiation of growth among countries.The driving force of domestic demand in the United States on economic growth exceeded the total domestic and foreign demand of other developed economies.Further research finds that the wealth effect of asset appreciation among residents is strongly related to the expansion of domestic demand.Although the proportion of American residents'income is low,the wealth gap is large,and residents are less leveraged,the growth of residents'consumption is the strongest,mainly due to the wealth effect of asset growth.American residents have a high propensity to consume after obtaining disposable income,as they can gain wealth effects from asset appreciation.The dependence of the expansion of domestic demand in the United States on asset appreciation continues to increase.However,there has been a long-term and sustained depreciation of Japanese residents'assets,which has led to a low willingness to consume.To this end,we should stabilize the real estate market,enhance the role of the stock market,develop new factor assets,and accelerate the return of residents'assets to stable growth channels.
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