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What Drives Personal Consumption?: The Role of Housing and Financial Wealth

Slacalek, Jiri - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

I construct a new dataset with financial and housing wealth in 16 countries and investigate the effect of wealth on consumption. The baseline estimation method based on the sluggishness of consumption growth implies that the long-run marginal propensity to consume out of total wealth averaged...

Persistent link: https://www.econbiz.de/10005068755

The Role of Asset Markets for Private Consumption: Evidence from Paneleconometric Models

Dreger, Christian; Reimers, Hans-Eggert - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

We explore the long and short run relationship between private consumption, disposable income and housing and financial wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated in their common, but not in their idiosyncratic...

Persistent link: https://www.econbiz.de/10005069068

International Wealth Effects

Slacalek, Jiri - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

This paper presents a detailed investigation of the wealth effect for 16 industrial countries using the recently proposed technique that exploits the sluggishness of consumption growth. I argue that, compared to the widespread cointegration-based methodology, the approach I apply has better...

Persistent link: https://www.econbiz.de/10004963858

Precautionary and Entrepreneurial Saving: New Evidence from German Households

Fossen, Frank M.; Rostam-Afschar, Davud - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

The well-documented positive correlation between income risk and wealth was interpreted as evidence for high amounts of precautionary wealth in various studies. However, the large estimates emerged from pooling non-entrepreneurs and entrepreneurs without controlling for heterogeneity. This paper...

Persistent link: https://www.econbiz.de/10005026828

A Simple Model of an Oil Based Global Savings Glut: The "China Factor" and the OPEC Cartel

Belke, Ansgar; Gros, Daniel - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

The purpose of this contribution is to illustrate the mechanism by which higher oil prices might lead to lower interest rates in the context of a simple model that takes into account the global external savings equilibrium. The simple model has interesting implications for how one views the huge...

Persistent link: https://www.econbiz.de/10005068691

Private Savings in Eastern European EU-Accession Countries: Evidence from a Dynamic Panel Data Model

Schrooten, Mechthild; Stephan, Sabine - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2003

After the collapse in early transition years, saving rates in Eastern European EUaccession countries have recovered … strongly. Is private saving in these countries now driven by the same forces as in the EU? A GMM estimator is applied to … analyze the determinants of private saving in both country groups. Main results are: saving rates are persistent; income …

Persistent link: https://www.econbiz.de/10005068748

Back on Track?: Savings Puzzles in EU-Accession Countries

Schrooten, Mechthild; Stephan, Sabine - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2002

After the collapse in the early years of transition, saving rates in many EU-accession countries have recovered and … savings. Is saving behaviour in EU-accession countries now driven by the same forces as it is in market economies? We use a … panel data set covering the years 1990 to 1999 to estimate fixed-effects models for domestic and private saving ratios …

Persistent link: https://www.econbiz.de/10005068851

Does Macroeconomic Policy Affect Private Savings in Europe?: Evidence from a Dynamic Panel Data Model

Schrooten, Mechthild; Stephan, Sabine - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004

This note explores the relationship between the price elasticity of demand and the R&D intensity of the product. We introduce the concept of R&D intensity into a standard Dixit-Stiglitz/Krugman-type setting. R&D activity is treated as a fixed cost of production. Within this framework, sectors...

Persistent link: https://www.econbiz.de/10005068986

The Role of Credibility and Fundamentals in a Funded Pension System: A Markov Switching Analysis for Australia and Iceland

Bonasia, Mariangela; Napolitano, Oreste - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007

Since the turn of the millennium the problem of credibility of the social security system has spread to the private pension funds sector. This is evident for those countries, like Australia and Iceland, that have very large funded pensions assets as a result of strong pension reforms. The...

Persistent link: https://www.econbiz.de/10005069039

Savings in Central Eastern Europe

Schrooten, Mechthild; Stephan, Sabine - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2001

factor behind both types of saving is income. Furthermore, it is shown that domestic saving and foreign capital are not …

Persistent link: https://www.econbiz.de/10004963633