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Plus-values, consommation et épargne. Une estimation de l'effet richesse aux États- Unis et au Royaume- Uni

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  • Corinne Houizot
  • Hélène Baudchon
  • Catherine Mathieu
  • Francisco Serranito

Abstract

[eng] Wealth effects and consumer spending in the US and the UK Corinne Houizot, Helene Baudchon, Catherine Mathieu and Francisco Serranito The sharp rise in stock market priees over the second half of the 90's is said to have boosted household consumption in the US. Changes in housing and net financial wealth are also said to have had an impact on household consumption in the UK. This paper examines the impact of wealth effects on consumer spending in these countries. Several definitions of wealth are considered. Our empirical results show that a dollar's increase in net financial wealth generates a 5 cents' increase in consumption. The marginal propensity to consume out of net wealth is found to be similar the UK. Wealth effects explain the fall the household saving rate over the second half of the 90's.They have also played significant role in the UK. JEL codes : E 21, E 27 [fre] La forte hausse des cours boursiers, observée dans la seconde moitié des années 1990, est fréquemment évoquée pour expliquer le dynamisme, au cours de cette période, de la consommation des ménages américains et britanniques, et son corollaire, la baisse du taux d'épargne. Cet article analyse les déterminants de la consommation des ménages dans ces deux pays, et en particulier l'importance de l'effet richesse. Il comporte trois parties : un survol des évolutions de la consommation, de l'épargne et de la richesse des ménages au cours des quarante dernières années ; un rappel de la théorie et des modèles à tester ; enfin la présentation des résultats économétriques. Aux États-Unis, d'après nos estimations, une augmentation d'un dollar de la richesse des ménages conduit à un accroissement de la consommation de l'ordre de 5,5 cents, soit des résultats proches de ceux publiés depuis Ando et Modigliani (1963). La forte baisse du taux d'épargne dans la période récente proviendrait essentiellement de la hausse de la Bourse. Au Royaume- Uni, une livre de richesse f

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 73 (2000)
Issue (Month): 2 ()
Pages: 197-240

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Handle: RePEc:cai:reofsp:reof_p2000_73n1_0197

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

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Cited by:
  1. Ruxandra Vilag & George Ionescu & Iuliana Predescu & Stela Toader, 2010. "The Romanian Response To The Financial Crisis," Romanian Economic Business Review, Romanian-American University, Romanian-American University, vol. 5(4-1), pages 37-47, Winter-Sp.
  2. P.-O. Beffy & B. Monfort, 2003. "Household wealth, portfolio selection and consumption behavior," Documents de Travail de la DESE - Working Papers of the DESE, Institut National de la Statistique et des Etudes Economiques, DESE g2003-08, Institut National de la Statistique et des Etudes Economiques, DESE.
  3. Carol C. Bertaut, 2002. "Equity prices, household wealth, and consumption growth in foreign industrial countries: wealth effects in the 1990s," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 724, Board of Governors of the Federal Reserve System (U.S.).

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