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Financial Liberalisation, Consumption And Wealth Effects In Seven Oecd Countries

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  • Ray Barrell
  • E. Philip Davis

Abstract

We estimate the impact of financial liberalisation on consumption in seven major industrial countries, and find a marked shift in behaviour, notably a decline in short‐run income elasticities and a rise in short‐run wealth and interest rate elasticities. A corollary is that consumption equations estimated over both pre‐ and post‐liberalisation regimes may be misleading, and either a form of testing as presented here or a shortening of the sample period may be appropriate for accurate forecasting and simulation.

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  • Ray Barrell & E. Philip Davis, 2007. "Financial Liberalisation, Consumption And Wealth Effects In Seven Oecd Countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 54(2), pages 254-267, May.
    • Handle: RePEc:bla:scotjp:v:54:y:2007:i:2:p:254-267
    DOI: 10.1111/j.1467-9485.2007.00413.x
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