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Author Ludwig, Alexander, 1955-

Title The impact of changes in stock prices and house prices on consumption in OECD countries / Alexander Ludwig and Torsten Sløk
Published [Washington, D.C.] : International Monetary Fund, [2002]
©2002
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Description 1 online resource (36 pages) : illustrations
Series IMF working paper ; WP/02/1
IMF working paper ; WP/02/1
Summary This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both countries with a market-based financial system and countries with a bank-based financial system moved toward a higher degree of responsiveness of consumption to changes in stock prices and house prices
Bibliography Includes bibliographical references (pages 29-32)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Consumption (Economics) -- OECD countries -- Econometric models.
Housing -- Prices -- OECD countries -- Econometric models.
Stocks -- Prices -- OECD countries -- Econometric models.
Form Electronic book
Author Sløk, Torsten.
International Monetary Fund. Research Department.
ISBN 1451890133
9781451890136