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Wealth effects on world private financial saving

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  • Ray C. Fair

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.

Suggested Citation

  • Ray C. Fair, 2017. "Wealth effects on world private financial saving," International Economics, CEPII research center, issue 149, pages 15-26.
    • Handle: RePEc:cii:cepiie:2017-q1-149-2
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    File URL: http://www.sciencedirect.com/science/article/pii/S2110701716300853
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    Cited by:

    1. Florian Morvillier, 2018. "On the impact of the launch of the euro on EMU macroeconomic vulnerability," EconomiX Working Papers 2018-51, University of Paris Nanterre, EconomiX.
    2. Florian Morvillier, 2018. "On the impact of the launch of the euro on EMU macroeconomic vulnerability," Working Papers hal-04141675, HAL.

    More about this item

    Keywords

    Financial saving; World economy; Wealth effects;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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