Drivers of private consumption in the era of financialisation: new evidence for the European Union countries

Detalhes bibliográficos
Autor(a) principal: Barradas, Ricardo
Data de Publicação: 2017
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.21/8674
Resumo: DINÂMIA'CET-WP - Working papers com arbitragem científica
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spelling Drivers of private consumption in the era of financialisation: new evidence for the European Union countriesPrivate consumptionFinancialisationLabour incomeFinancial wealthFinancial wealthEuropean UnionPanel dataLeast-squares dummy variable bias-corrected estimatorDINÂMIA'CET-WP - Working papers com arbitragem científicaThis paper provides an empirical assessment of the effects of financialisation on private consumption using panel data for all 28 European Union countries from 1995 to 2015. According to the post Keynesian literature, financialisation exerts two contradictory effects on private consumption, notably a negative one linked to the fall of households’ labour income and a positive one related to the increase of households’ (financial and housing) wealth. A private consumption equation was estimated by including three variables linked to financialisation (labour income, financial wealth and housing wealth) and five additional control variables (lagged private consumption, short-term interest rate, long-term interest rate, inflation rate and unemployment rate). Our results confirm that financialisation has been detrimental to private consumption in the EU countries as a whole, and more specifically in the Euro area countries, as the beneficial wealth effect has not been sufficient to compensate for the prejudicial income effect. The fall of households’ labour income has even been the highest constraint on private consumption in the Euro area countriesDINÂMIA'CET - IULRCIPLBarradas, Ricardo2018-07-06T15:06:24Z2017-122017-12-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.21/8674eng10.17524/repec.v10i1.1214info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-08-03T09:56:27Zoai:repositorio.ipl.pt:10400.21/8674Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:17:23.462911Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
title Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
spellingShingle Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
Barradas, Ricardo
Private consumption
Financialisation
Labour income
Financial wealth
Financial wealth
European Union
Panel data
Least-squares dummy variable bias-corrected estimator
title_short Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
title_full Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
title_fullStr Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
title_full_unstemmed Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
title_sort Drivers of private consumption in the era of financialisation: new evidence for the European Union countries
author Barradas, Ricardo
author_facet Barradas, Ricardo
author_role author
dc.contributor.none.fl_str_mv RCIPL
dc.contributor.author.fl_str_mv Barradas, Ricardo
dc.subject.por.fl_str_mv Private consumption
Financialisation
Labour income
Financial wealth
Financial wealth
European Union
Panel data
Least-squares dummy variable bias-corrected estimator
topic Private consumption
Financialisation
Labour income
Financial wealth
Financial wealth
European Union
Panel data
Least-squares dummy variable bias-corrected estimator
description DINÂMIA'CET-WP - Working papers com arbitragem científica
publishDate 2017
dc.date.none.fl_str_mv 2017-12
2017-12-01T00:00:00Z
2018-07-06T15:06:24Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.21/8674
url http://hdl.handle.net/10400.21/8674
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.17524/repec.v10i1.1214
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv DINÂMIA'CET - IUL
publisher.none.fl_str_mv DINÂMIA'CET - IUL
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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