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Financial effects in historic consumption and investment functions

Artikel i vetenskaplig tidskrift
Författare Erik Bengtsson
Engelbert Stockhammer
Publicerad i International Review of Applied Economics
ISSN 0269-2171
Publiceringsår 2020
Publicerad vid Institutionen för ekonomi och samhälle, Ekonomisk historia
Språk en
Länkar https://doi.org/10.1080/02692171.20...
Ämnesord Financial effects, asset prices, consumption, investment, macroeconomic history
Ämneskategorier Ekonomisk historia, Nationalekonomi

Sammanfattning

The globalfinancial crisis has highlighted the importance offinan-cial factors on economic performance. Most of the existing research analyses the contemporary experience, and especially the 1980s onwards. This paper investigates the effects of stock prices, realestate prices and debt on consumption and investment expenditures by estimating consumption and investment equations for about 110 years of data for Britain, France, Norway and Sweden. We find positive debt effects on consumption in three of four countries, but no consistent effects of stock prices and house prices. Effects on consumption are stronger in the more market-based economy of Britain than in the more state-oriented economies of France, Norway and Sweden: in Britain but not in the other countries, consumption has increased in response to stock and house prices. We find positive effects of stock prices on investment in all four countries. Credit expansion boosts investment in some of the countries while house prices seem to have become more influential for investment after 1980. The results indicate that there is interesting variation in financial effects over time, and point forward for possible research on the interaction between financial variables and the real economy since the early twentieth century.

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