Housing's effect on overall spending should therefore be smaller than that of financial wealth.

因此房价对消费的整体影响要小于金融财富。

youdao

However, the latest research suggests that, in America at least, housing wealth has a bigger influence on consumption than financial assets, and the effect is increasing.

不过最近的研究表明，至少美国的房产财富效应对消费的影响要远大于金融资产的影响，而且效用还在增强。

youdao

Moreover, financial assets now account for a larger share of household wealth, making the wealth effect of a stockmarket crash potentially much larger.

ECONOMIST: Greenspan lets things simmer