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"Wealth Effects on World Private Financial Saving," International Economics, 2017.

Paper: published article, online
Paper: published article, pdf file Abstract
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 period 1982--2013. 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.