Wealth effects on world private financial saving
Ray C. Fair
International Economics, 2017, issue 149, 15-26
Abstract:
This paper shows that about 70% of the variance of the yearly change in the world private financial saving rate can be explained by lagged changes in world stock and housing values for the sample period 1982–2013. A theory consistent with these results is that world asset-value changes affect world consumption and investment spending, which affects the world private financial saving rate.
Keywords: Financial saving; World economy; Wealth effects (search for similar items in EconPapers)
JEL-codes: E21 E44 F41 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:cii:cepiie:2017-q1-149-2
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