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Financial Deregulation and Household Saving

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  • Bayoumi, Tamim

Abstract

An empirical model of the relationship between financial deregulation and household saving is developed and estimated using regional data for the United Kingdom. Financial deregulation is found to be associated with a rise in the sensitivity of household saving to wealth, income, and the real interest rate, as well as being associated with an autonomous fall of 2$71 percentage points in the personal saving rate. Copyright 1993 by Royal Economic Society.

Suggested Citation

  • Bayoumi, Tamim, 1993. "Financial Deregulation and Household Saving," Economic Journal, Royal Economic Society, vol. 103(421), pages 1432-1443, November.
  • Handle: RePEc:ecj:econjl:v:103:y:1993:i:421:p:1432-43
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    1. Mr. Tamim Bayoumi, 1990. "Financial innovation and Consumption in the United Kingdom," IMF Working Papers 1990/095, International Monetary Fund.
    2. 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 467-467.
    3. Miles, David, 1993. "Testing for Short Termisn in the UK Stock Market," Economic Journal, Royal Economic Society, vol. 103(421), pages 1379-1396, November.
    4. Ermisch, John & Westaway, Peter, 1994. "The Dynamics of Aggregate Consumption in an Open Economy Life Cycle Model," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(2), pages 113-127, May.
    5. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
    6. Andrew G Haldane & Mahmood Pradhan, 1992. "Real interest parity, dynamic convergence and the European Monetary System," Bank of England working papers 1, Bank of England.
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