Wealth Effects on World Private Financial Saving

Ray C. Fair ()
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Ray C. Fair: Cowles Foundation, Yale University, https://economics.yale.edu/people/faculty/ray-fair

No 1974, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: This paper shows that about 70 percent 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 prices for the sample period 1982-2013. The results suggest that increased fluctuations in asset prices since 1995 have led to increased fluctuations in the world private financial saving rate. Wealth effects on private demand appear to be large.

Keywords: Financial saving; World economy; Wealth effects (search for similar items in EconPapers)
JEL-codes: E21 E44 F41 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2014-12
New Economics Papers: this item is included in nep-mac and nep-opm
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