中文摘要：

从资产市场的发展水平和居民参与资产市场的程度看,财富效应总体上应该在经济较发达的地区首先表现出来。对广州城市居民资产的财富效应分析表明,广州市居民总体上的财富效应微弱,但住房资产财富效应强于金融资产财富效应。这一现象除与资产的结构特征有关外,资产价值的波动也是一个重要原因。为发挥居民资产的财富效应,实现中国经济增长方式的转型,货币政策应体现对资产价格波动的适时干预。

英文摘要：

Generally speaking,wealth effect should embody itself earlier in some developed areas according to their stages of development and degree of involvement in capital market by their citizens.The analysis of the wealth effect of capital owned by citizens in Guangzhou shows that their overall wealth effect is very weak,but their wealth effect of house assets is stronger than that of financial assets.The structural characteristics of residents＇ assets is one of the reasons,besides,the fluctuations of asset prices is another important factor leading to this kind of phenomenon.In order to put residents＇ wealth effect into operation and realize the transformation of growth pattern for China＇s economy,monetary policy should take proper actions to intervene fluctuations in asset prices.