اثرات ثروت بر صرفه جویی مالی خصوصی در جهان

This paper shows that about 70% 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.