Wealth effects on world private financial saving

Ray C. Fair

International Economics, 2017, vol. 149, issue C, 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; E21; E44; F41 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eee:inteco:v:149:y:2017:i:c:p:15-26

DOI: 10.1016/j.inteco.2016.08.001

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