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Does Financial Deregulation Cause a Consumption Boom?

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  • Agell, Jonas
  • Berg, Lennart

Abstract

According to a growing number of critics, the process of financial liberalization in the 1980s is to blame for the volatile macroeconomic development in a number of countries, including the United Kingdom and the Nordic countries. The authors examine how financial deregulation affected one important component of aggregate demand, private consumption. A main finding is that the Swedish consumption boom of the late 1980s can be explained along other lines than financial deregulation. The mid-1980s also constituted a period when real wage growth picked up and the authors' data are consistent with the simple idea that permanent income dynamics was an important factor. Copyright 1996 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): 98 (1996)
Issue (Month): 4 (December)
Pages: 579-601

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Handle: RePEc:bla:scandj:v:98:y:1996:i:4:p:579-601

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

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Web: http://www.blackwellpublishing.com/subs.asp?ref=0347-0520

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Cited by:
  1. Muzafar Shah Habibullah & Peter Smith & W. N. W. Azman-Saini, 2006. "Testing liquidity constraints in 10 Asian developing countries: an error-correction model approach," Applied Economics, Taylor & Francis Journals, vol. 38(21), pages 2535-2543.
  2. Egil Matsen & Øystein Thøgersen, 2000. "Financial Integration and Consumption Comovements in the Nordic Countries," Working Paper Series 1502, Department of Economics, Norwegian University of Science and Technology.
  3. Manoel Bittencourt & Chance Mwabutwa & Nicola Viegi, 2012. "Financial Reforms and Consumption Behaviour in Malawi," Working Papers 201210, University of Pretoria, Department of Economics.
  4. Kashif Mansori, 2001. "Economic Liberalization and Savings Rates," CESifo Working Paper Series 418, CESifo Group Munich.
  5. Seppo Honkapohja & Erkki Koskela, 1999. "The economic crisis of the 1990s in Finland," Economic Policy, CEPR & CES & MSH, vol. 14(29), pages 399-436, October.
  6. Lindberg, Sara, 1999. "Consumption and Capital Mobility in the Nordic Countries," Working Paper Series 1999:6, Uppsala University, Department of Economics.
  7. Angelos A. Antzoulatos, 1997. "Non-linear consumption dynamics," Research Paper 9726, Federal Reserve Bank of New York.
  8. Andersson, Fredrik W., 2011. "The lambda model and "rule of thumb" consumers: An estimation problem in existing studies," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(4), pages 381-384, August.

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