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Financial Deregulation and Household Saving. The Norwegian Experience Revisited

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    Abstract

    I use new micro data to study the effects of credit deregulation on the Norwegian household savings decline in the mid-1980s. This paper has three main findings. First, the decline in saving started in 1983, a couple of years earlier than previously thought on the basis of National Accounts data. Second, it was primarily young and middle-aged households who increased their consumption. Finally, the rapid increase in housing prices in 1985-86 may have been an important determinant of older and retired households' saving through reversed mortgages, but cannot on its own explain the decline in savings that started in 1983.

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    File URL: http://www.ssb.no/a/publikasjoner/pdf/DP/dp361.pdf
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    Bibliographic Info

    Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 361.

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    Date of creation: Oct 2003
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    Handle: RePEc:ssb:dispap:361

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    Keywords: Saving; consumption; financial deregulation; wealth effects and house prices.;

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    1. Olli-Pekka Lehmussaari, 1990. "Deregulation and Consumption: Saving Dynamics in the Nordic Countries," IMF Staff Papers, Palgrave Macmillan, vol. 37(1), pages 71-93, March.
    2. Pål Boug & Knut Anton Mork & Trond Tjemsland, 1995. "Financial Deregulation and Consumer Behavior: the Norwegian Experience," Discussion Papers 156, Research Department of Statistics Norway.
    3. Steigum, E.Jr., 1992. "Financial Deregulation, Credit Boom and Banking Crisis: The Case of Norway," Papers 15-92, Norwegian School of Economics and Business Administration-.
    4. Steven F. Venti & David A. Wise, 2000. "Aging and Housing Equity," NBER Working Papers 7882, National Bureau of Economic Research, Inc.
    5. Koskela, Erkki & Viren, Matti, 1992. " Inflation, Capital Markets and Household Saving in the Nordic Countries," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 215-27.
    6. Miles, David, 1992. "Housing markets, consumption and financial liberalisation in the major economies," European Economic Review, Elsevier, vol. 36(5), pages 1093-1127, June.
    7. Berg, Lennart, 1994. "Household Savings and Debts: The Experience of the Nordic Countries," Oxford Review of Economic Policy, Oxford University Press, vol. 10(2), pages 42-53, Summer.
    8. Eitrheim,O. & Jansen,E.S. & Nymoen,R., 2000. "Progress from forecast failure : the Norwegian consumption function," Memorandum 32/2000, Oslo University, Department of Economics.
    9. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
    10. Fumio Hayashi, 1985. "Tests for Liquidity Constraints: A Critical Survey," NBER Working Papers 1720, National Bureau of Economic Research, Inc.
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