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Deregulation and Consumption: Saving Dynamics in the Nordic Countries

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  • Olli-Pekka Lehmussaari

    (International Monetary Fund)

Abstract

Changes in saving behavior brought about by financial liberalization in the Nordic countries are examined. Although this paper suggests that there have been changes in the economic relationships in Denmark and Finland, the evidence from Norway is less conclusive, and the data do not reveal any structural change in Sweden. The results also indicate that the wealth effect has played an increasing role in household saving decisions. Since the present tax rules are biased against saving, cuts in marginal tax rates and reductions in the tax value of interest payments would be expected to increase household saving.

Suggested Citation

  • 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.
    • Handle: RePEc:pal:imfstp:v:37:y:1990:i:1:p:71-93
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    Cited by:

    1. Sophocles Brissimis & George Hondroyiannis & Christos Papazoglou & Nicholas Tsaveas & Melina Vasardani, 2012. "Current account determinants and external sustainability in periods of structural change," Economic Change and Restructuring, Springer, vol. 45(1), pages 71-95, February.
    2. Ken Chamuva Shawa, 2016. "Drivers Of Private Saving In Sub-Saharan African Countries," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 41(2), pages 77-110, June.
    3. Luis Zambrano Sequín & Matías Riutort & Rafael Muñoz & Juan Carlos Guevara, 1998. "El ahorro privado en Venezuela: Tendencias y determinantes," Research Department Publications 3021, Inter-American Development Bank, Research Department.
    4. Bandiera, Oriana & Caprio, Gerard & Honohan, Patrick & Schiantarelli, Fabio, 1999. "Does financial reform increase or reduce savings ?," Policy Research Working Paper Series 2062, The World Bank.
    5. Patrick Honohan, 1995. "The Impact of Financial and Fiscal Policies on Saving," Papers WP059, Economic and Social Research Institute (ESRI).
    6. Elin Halvorsen, 2003. "Financial Deregulation and Household Saving. The Norwegian Experience Revisited," Discussion Papers 361, Statistics Norway, Research Department.
    7. Barry Eichengreen and Carlos Arteta., 2000. "Banking Crises in Emerging Markets: Presumptions and Evidence," Center for International and Development Economics Research (CIDER) Working Papers C00-115, University of California at Berkeley.
    8. Pedersen, Karsten N., 1991. "Intertemporal substitution in consumption : evidence for some high- and middle-income countries," Policy Research Working Paper Series 641, The World Bank.
    9. Mpabe Bodjongo, Mathieu Juliot, 2012. "Infrastructures institutionnelles et développement financier en zone CEMAC [Institutional infrastructures and financial development in zone CEMAC]," MPRA Paper 37824, University Library of Munich, Germany.
    10. Janine Aron & John Muellbauer, 2004. "Revised estimates of personal sector wealth for South Africa," CSAE Working Paper Series 2004-24, Centre for the Study of African Economies, University of Oxford.
    11. repec:zbw:bofrdp:1992_004 is not listed on IDEAS
    12. Solveig Erlandsen & Ragnar Nymoen, 2008. "Consumption and population age structure," Journal of Population Economics, Springer;European Society for Population Economics, vol. 21(3), pages 505-520, July.
    13. Starck, Christian, 1990. "The Interest rate elasticity of aggregate consumption: a time varying parameter approach," Bank of Finland Research Discussion Papers 28/1990, Bank of Finland.
    14. Kostiainen, Seppo & Starck, Christian, 1990. "Does government and corporate saving influence household saving in Finland?," Bank of Finland Research Discussion Papers 27/1990, Bank of Finland.
    15. Koskela, Erkki & Virén, Matti, 1992. "Inflation, capital markets and household saving in Nordic countries," Research Discussion Papers 4/1992, Bank of Finland.
    16. Janine Aron & John Muellbauer & Johan Prinsloo, 2006. "Estimating the Balance Sheet of the Personal Sector in an Emerging Market Country: South Africa 1975-2003," WIDER Working Paper Series RP2006-99, World Institute for Development Economic Research (UNU-WIDER).

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