Stock Market Wealth Effects and the New Economy: A Cross-Country Study
This paper investigates the impact from changes in "new" and "old" economy stock valuations on private consumption. The results from estimating a reduced form VAR for seven OECD countries for the 1990s suggest that the impact from changes in old economy stock valuations on consumption is, in general, larger in countries with market-based financial systems (USA, Canada and the UK) than in countries with bank-based financial systems (continental Europe). Furthermore, the results indicate that the impact from changes in new economy valuations to consumption is roughly the same in the USA, Canada, the UK and in continental Europe. In addition, the results suggest that, in continental Europe, the impact on consumption from changes in the valuation of new economy stocks is bigger than from the old economy stocks, whereas for the Anglo-Saxon countries, the impact is more or less the same between the two sectors. Copyright 2002 by Blackwell Publishers Ltd.
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Volume (Year): 5 (2002)
Issue (Month): 1 (Spring)
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