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"Wealth Effects on World Private Financial Saving,"
International Economics, May 2017, 15-26.
published article, online.
published article, pdf file.
This paper shows that about 70 percent of the variance of the
yearly change in the world private financial saving rate can be explained
by lagged changes in world stock and housing values for the sample
A theory consistent with these results is that world asset-value
changes affect world consumption and investment spending, which affects the
world private financial saving rate.