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  • UB Potsdam  (4)
  • SB Zossen
  • Bibliothek im Kontor
  • VIZ Charlottenburg-Wilmersdorf
  • 2000-2004  (4)
  • de Serres, Alain  (4)
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  • 2000-2004  (4)
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  • 1
    UID:
    gbv_730024008
    Format: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.327
    Content: In several OECD countries, investment rates in the business sector grew strongly in the second half of the 1990s. In some cases, the strength of private investment relative to output growth had raised concerns about the risk of capital overhang and the prospect of a prolonged period of slow capital formation in order to bring investment levels back to more sustainable levels. It is possible that the stock market boom has contributed to a rise of investment demand to an excessive level, not only in the United States, but also in the United Kingdom, Canada, Scandinavia and Greece. The purpose of this paper is to assess the contribution of fundamental determinants to the change in investment in the second half of the 1990s, based on the estimation of panel cointegration equations for gross business investment for 18 OECD countries from 1970 to 1999. In addition to the levels of real GDP and a measure of the cost of capital, the set of explanatory variables includes four alternative ...
    Language: English
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  • 2
    UID:
    gbv_73001259X
    Format: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.344
    Content: The substantial decline in private-sector saving rates observed in several OECD countries in the late 1990s coincided in several cases with a sharp increase in household financial net worth. This was seen by many observers as evidence that the strong rise in equity and residential property prices during the late 1990s had been treated by households as a permanent increase in wealth, leading to an unsustainable drop in saving and raising fears of an eventual negative wealth effect. Applying estimation techniques for systems of dynamic panel equations, this paper looks at basic determinants of private saving for a sample of 15 OECD countries and finds that the sharp decline in saving observed after 1995 can be largely explained, even in a post-sample fashion, by fundamentals other than financial wealth. Among the determinants, the rise in public-sector saving is found to have contributed the most to the decline in private saving between 1995 and 2000. Based on this ...
    Language: English
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  • 3
    UID:
    gbv_730015637
    Format: 40 p
    ISSN: 1995-2856
    Content: The substantial decline in private-sector saving rates observed in several OECD countries in the late 1990s coincided in several cases with a sharp increase in household financial net worth. This was seen by many observers as evidence that the strong rise in equity and residential property prices during the late 1990s had been treated by households as a permanent increase in wealth, leading to an unsustainable drop in saving and raising fears of an eventual negative wealth effect. Applying estimation techniques for systems of dynamic panel equations, this paper looks at basic determinants of private saving for a sample of 15 OECD countries and finds that the sharp decline in saving observed after 1995 can be largely explained, even in a post-sample fashion, by fundamentals other than financial wealth. Among the determinants, the rise in public-sector saving is found to have contributed the most to the decline in private saving between 1995 and 2000. Based on this investigation, there is little evidence that consumers had gone too far in responding to the stock market boom of the late 1990s, even in countries where private saving rates have fallen to historically low levels. On the other hand, the results suggest that a loosening of fiscal policy may have a limited stimulatory impact on private consumption...
    In: OECD, OECD journal: economic studies, Paris : Organisation for Economic Cooperation & Development, 2008, Vol. 2003, no. 1, p. 117-153, 1995-2856
    Additional Edition: Parallelausg. La baisse des taux d'épargne privée durant les années 90 dans les pays de l'OCDE : Contribution des déterminants autres que la richesse
    Language: English
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  • 4
    UID:
    gbv_730013928
    Format: 41 p
    ISSN: 1684-3444
    Content: La baisse substantielle des taux d’épargne privée observée dans plusieurs pays de l’OCDE durant la fin des années 90 a coïncidé dans bien des cas avec une forte hausse de la richesse financière nette des ménages. Ce phénomène a été interprété par plusieurs analystes comme indiquant que la forte augmentation des valeurs mobilières et immobilières durant cette période avait été traitée par les ménages comme une hausse permanente de la richesse, entraînant une baisse non soutenable de l’épargne, et faisant ainsi surgir la crainte d’un éventuel effet de richesse négatif. À l’aide de techniques d’estimation pour un panel d’équations dynamiques, cette étude examine les principaux déterminants de l’épargne privée pour un échantillon de 15 pays de l’OCDE et constate que la baisse de l’épargne observée après 1995 peut être largement expliquée par des déterminants fondamentaux autres que la richesse financière, y compris en période hors échantillon. Parmi ces déterminants, c’est la hausse de l’épargne publique qui a contribué le plus à la désépargne privée entre 1995 et 2000. À en juger par les résultats, il ne semble guère que les consommateurs aient réagi trop fortement au boom du marché boursier des années 90, même dans les pays où les taux d’épargnes ont tombés à des niveaux sans précédent. Par contre, les résultats donnent à penser qu’un assouplissement de ...
    In: OECD, Revue économique de l'OCDE, Paris : OCDE, 1998, Vol. 2003, no. 1, p. 129-167, 1684-3444
    Additional Edition: Parallelausg. The Decline in Private Saving Rates in the 1990s in OECD Countries: How Much Can Be Explained by Non-wealth Determinants?
    Language: French
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