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Financial Liberalisation, Consumption and Wealth Effects in 7 OECD Countries

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  • Ray Barrell
  • Professor E. Philip Davis

Abstract

We estimate the impact of financial liberalisation on consumption in 7 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.

Suggested Citation

  • Ray Barrell & Professor E. Philip Davis, 2004. "Financial Liberalisation, Consumption and Wealth Effects in 7 OECD Countries," National Institute of Economic and Social Research (NIESR) Discussion Papers 247, National Institute of Economic and Social Research.
  • Handle: RePEc:nsr:niesrd:247
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