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Financial Sector Dynamics

In: Economic Forecasting and Policy

Author

Listed:
  • Nicolas Carnot
  • Vincent Koen
  • Bruno Tissot

Abstract

Financial indicators play a key role in forecasting exercises: the evolution of major asset prices such as interest rates (which relate to the price of a short-term loan or a bond), equities, house prices and exchange rates has large implications for how the macroeconomic outlook evolves. As stressed in Chapter 3, asset prices can exert substantial wealth effects on consumption behaviour, since a large share of household wealth is held in the form of bonds, stocks and housing. Asset prices also play an important role in driving business investment. In turn, asset prices are driven by various forces including macroeconomic developments, and in particular by interest rates, taxation, demography and international factors (such as the portfolio strategies of global fund managers).

Suggested Citation

  • Nicolas Carnot & Vincent Koen & Bruno Tissot, 2011. "Financial Sector Dynamics," Palgrave Macmillan Books, in: Economic Forecasting and Policy, edition 0, chapter 4, pages 119-190, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30644-8_5
    DOI: 10.1057/9780230306448_5
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    Cited by:

    1. Bruno Tissot, 2016. "Development of financial sectoral accounts: new opportunities and challenges for supporting financial stability analysis," IFC Working Papers 15, Bank for International Settlements.

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