How can the rise in the French household saving ratio since the start of the crisis be explained?
Violaine Faubert and
Virginia Olivella Moppett
Rue de la Banque, 2015, issue 09
Lower growth in purchasing power and the rise in unemployment do not provide a sufficient explanation for the weakness observed in consumer spending since the beginning of the crisis. In this study, the authors test various theories in succession: first, the impact of the decline in consumer confidence on spending behaviour; second, the effect of changes in the structure of disposable income; third the backlash caused by the withdrawal of the “cash-for-clunkers” scheme; and lastly, a less usual assumption is investigated, i.e. the impact of changes in households’ permanent income expectations.
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