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Housing and Financial Wealth, Financial Deregulation and Consumption--The Swedish Case

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  • Berg, Lennart
  • Bergstrom, Reinhold

Abstract

The effects of using wealth disaggregated as housing and net financial wealth are investigated in an error-correction function model. Data for Sweden 1970-92 are used in the analysis. Unit root tests indicate that consumption, income, and wealth are all integrated of order one and that the variables cointegrate if wealth is disaggregated. Financial wealth is crucial in explaining consumption, and wealth in disaggregated form improves the models significantly. Household debt is an important determinant of short-run behavior indicating credit rationing. There is also evidence that the observed dramatic increase in savings is a consequence of the recent tax reform. Copyright 1995 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 97 (1995)
Issue (Month): 3 (September)
Pages: 421-39

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Handle: RePEc:bla:scandj:v:97:y:1995:i:3:p:421-39

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Morris A. Davis & Michael G. Palumbo, 2001. "A primer on the economics and time series econometrics of wealth effects," Finance and Economics Discussion Series 2001-09, Board of Governors of the Federal Reserve System (U.S.).
  2. Francesco Giavazzi & Marco Pagano, 1995. "Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience," NBER Working Papers 5332, National Bureau of Economic Research, Inc.
  3. Bharat Barot, 2001. "An Econometric Demand-Supply Model For Swedish Private Housing," International Journal of Housing Policy, Taylor & Francis Journals, vol. 1(3), pages 417-444.
  4. Barot, Bharat, 2002. "Growth and Business Cycles for the Swedish Economy 1963-1999," Working Paper 79, National Institute of Economic Research.
  5. Johnsson, Helena & Kaplan, Peter, 1999. "An Econometric Study of Private Consumption Expenditure in Sweden," Working Paper 70, National Institute of Economic Research.
  6. Fernando Aportela, 2001. "Efectos de los ciclos de crédito en México sobre la tasa de ahorro de los hogares, 1989-1996," Economia Mexicana NUEVA EPOCA, , vol. 0(2), pages 169-211, July-Dece.
  7. Barot, Bharat & Yang, Zan, 2002. "House Prices and Housing Investment in Sweden and the United Kingdom: Econometric Analysis for the Period 1970-1998," Working Paper 80, National Institute of Economic Research.
  8. �yvind Eitrheim & Eilev S. Jansen & Ragnar Nymoen, 2002. "Progress from forecast failure -- the Norwegian consumption function," Econometrics Journal, Royal Economic Society, vol. 5(1), pages 40-64, June.
  9. Bharat Barot & Zan Yang, 2004. "House Prices and Housing Investment in Sweden and the UK. Econometric analysis for the period 1970-1998," Macroeconomics 0409022, EconWPA.
  10. Berg, Lennart, 1996. "Age Distribution, Saving and Consumption in Sweden," Working Paper Series 1996:22, Uppsala University, Department of Economics.
  11. Berg Lennart & Bergström Reinhold, 1996. "Consumer Confidence and Consumption in Sweden," Working Paper Series 1996:7, Uppsala University, Department of Economics.

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