The term, the wealth effect, is sometimes used to describe how people spend more freely when they have a lot of money.

" 财富效应" 一词有时被用于描述人们在拥有大量财富时如何更自由地消费。

Falling prices cut this growth. But in China this “wealth effect” is limited by the small proportion of the population that holds stocks.

而股价的下跌则令这种发展中断，但在中国，这种“财富效应”仍受到持股人群的小比例所限。

The link between the two cycles arises because housing confers " wealth effects" on owner occupiers.

这两个周期之间的联系之所以出现，是因为住房给自住业主带来了“财富效应”。