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This paper analyzes the existence of “wealth effects” derived from net equity (in the form of housing, financial assets, and total net worth) on consumption. The study uses longitudinal household-level data?from the Panel Study of Income Dynamics (PSID) ?covering about 7,000-9,000 households in the U.S., with the estimations carried over the period 1999-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from wealth are closely linked to household characteristics, including income and demographic factors. Finally, underlying structural changes in household characteristics point to potentially lower aggregate MPCs from wealth going forward.
Consumption (Economics) --- Consumer demand --- Consumer spending --- Consumerism --- Spending, Consumer --- Demand (Economic theory) --- Infrastructure --- Macroeconomics --- Real Estate --- Consumer Economics: Empirical Analysis --- Personal Finance --- Household Behavior and Family Economics: Other --- Personal Income, Wealth, and Their Distributions --- Intertemporal Choice and Growth: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Demographic Economics: General --- Urban, Rural, and Regional Economics: Household Analysis: General --- Aggregate Factor Income Distribution --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Housing Supply and Markets --- Property & real estate --- Income --- Consumption --- Housing prices --- Household consumption --- National accounts --- Prices --- Economics --- Saving and investment --- United States
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Analyzing the Effects of Financial and Housing Wealth on Consumption using Micro Data.
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This paper explores how much of the movements in the sovereign spreads of Asian economies over the course of the global financial crisis has reflected shifts in (i) global risk aversion; (ii) country-specific risks, directly from worsening fundamentals, and indirectly from spillovers originating in other sovereigns and the uncertainty surrounding exchange rates. Earlier in the crisis, the increase in market-implied contagion led to higher Asian sovereign bond yield spreads over swaps. But, after the crisis, Asia’s sovereign spreads normalized, despite the debt crisis in the euro area, reflecting a fall in both exchange rate and spillover risks.
Debts, Public --- Financial risk --- Foreign exchange rates --- Business risk (Finance) --- Money risk (Finance) --- Risk --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Banks and Banking --- Investments: Bonds --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Financial Crises --- General Financial Markets: General (includes Measurement and Data) --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial services law & regulation --- Investment & securities --- Monetary economics --- Finance --- Exchange rate risk --- Bond yields --- Currencies --- Sovereign bonds --- Yield curve --- Financial regulation and supervision --- Financial institutions --- Money --- Financial services --- Financial risk management --- Interest rates --- Hong Kong Special Administrative Region, People's Republic of China
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This paper analyzes the linkages between governance quality and country stress events. It focuses on two types of events: fiscal and political stress events, for which two innovative stress indicators are introduced. The results suggest that weaker governance quality is associated with a higher incidence of both fiscal and political stress events. In particular, internal accountability, which measures the responsiveness of governments to improving the quality of the bureaucracy, public service provision, and respect for the institutional framework in place, is positively associated with fiscal stress events. However, external accountability, which captures government accountability before the public in general, through elections and the democratic process, seems to be more important for political stress events. These results hold when using balanced country samples where region, oil-exporter status, income level, and time are taken into account.
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This paper analyzes the potential risks and vulnerabilities of non-financial corporates in Latin America and Canada. We quantify the impact of company-specific, countryspecific, and global factors in driving corporate spreads. Overall, we found that all these factors play a role in explaining corporate risk. In particular, country specific factors such as exchange rate and sovereign CDS spreads are significantly associated with changes in corporate spreads, underscoring the importance of solid policy frameworks. We also find that global conditions, such as the VIX, are dominant drivers of corporate spreads. In recent years, the adverse effects from deteriorating domestic conditions have been broadly offset by relatively bening global financial conditions. However, a sustained reversal in these conditions would put significant pressure on corporate risk.
Corporations --- Financial risk management --- Prices --- Risk management --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Econometric and Statistical Methods: General --- Firm Behavior: Empirical Analysis --- General Financial Markets: General (includes Measurement and Data) --- Corporate Finance and Governance: General --- Firm Objectives, Organization, and Behavior: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Commodity Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Currency --- Foreign exchange --- Credit default swap --- Exchange rate adjustments --- Currencies --- Exchange rates --- Credit --- Brazil
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