A riqueza e o seu efecto sobre o consumo no contexto da crise globalo caso da Unión Económica e Monetaria (UEM)

  1. Menezes Ferreira, Vicente
  2. Rodil Marzábal, Oscar
Journal:
Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

ISSN: 1132-2799

Year of publication: 2012

Issue Title: Crise na eurozona

Volume: 21

Issue: 2

Pages: 191-216

Type: Article

DOI: 10.15304/RGE.21.EXTRA.428 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

More publications in: Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

Sustainable development goals

Abstract

A recente crise financeira global veu provocando un forte impacto sobre o crecemento das principais economías europeas. Esta crise está producindo efectos extremadamente adversos sobre a actividade real da economía a través de diversas canles. Entre estas atópase o efecto riqueza, supoñendo que a variación dos niveis de riqueza pode estar conducindo a unha variación no consumo privado. Baixo este contexto, este traballo ten como obxectivo principal analizar a evolución dos niveis de riqueza e o seu efecto resultante sobre o consumo, utilizando macrodatos agregados de dez países da Unión Económica e Monetaria durante o período trimestral 2000-2010.

Bibliographic References

  • ARRIAGA NAVARRETE, R. (2008): "Efecto riqueza a partir de la revalorización de los activos inmobiliarios: análisis y evidencia empírica para el caso español", Revista Análisis Económico, 24 (55), pp. 7-28.
  • BCE (2009): Housing Finance in the Euro Area. (Occasional Paper Series, 101). Frankfurt: Banco Central Europeo.
  • BARATA M.J.; PACHECO, L.M. (2003): "Asset Prices and Monetary Policy: Wealth Effects on Consumption", 20th Symposium on Banking and Monetary Economics. Birmingham: University of Birmingham.
  • BAYOUMI, T.; MELANDER, O. (2008): Credit Markets: Empirical Evidence on US macrofinancial linkages. (Working Paper, 08/169). Washington DC, WA: International Monetary Fund (IMF).
  • BERNANKE, B.; GERTLER, M.; GILCHRIST, S. (1999): "The Financial Accelerator in a Quantitative Business Cycle Framework", en J.B. Taylor e M. Woodford [ed.]: Handbook of Macroeconomics, 1, pp. 1341-1393. North-Holland.
  • BERTAUT, C. (2002): Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s. (International Finance Discussion Papers, 724). Washington DC, WA: Board of Governors of the Federal Reserve System.
  • BRUMBERG, R.; MODIGLIANI, F. (1954): "Utility Analysis and the Consumption Function: An Interpretation of Cross Section Data", en K.K. Kurihara [ed.]: Post-Keynesian Economics, pp. 388-436. New Brunswick, NJ: Rutgers University Press.
  • CASE, K.; QUIGLEY, J.; SHILLER, R. (2005): "Comparing Wealth Effects: The Stock Market Versus the Housing Market", The B.E. Journal of Macroeconomics, 5 (1), pp. 1-32. Berkeley University Press.
  • DAVIS, M.A.; PALUMBO, M.G. (2001): A Primer on the Economics and Time Series Econometrics of Wealth Effects. (Finance and Economics Discussion Series, 2001-09). Washington DC, WA: Board of Governors of the Federal Reserve System.
  • DE LA DEHESA, G. (2009): La primera gran crisis financiera del siglo XXI. Madrid: Alianza.
  • DREGER, C.; REIMERS, H.E. (2011): "The Long Run Relationship between Private Consumption and Wealth", Portuguese Economic Journal, (Springer), de 18/11/11. (Published Online).
  • DVORNAK, N.; KOHLER, M. (2007): "Housing Wealth, Stock Market Wealth and Consumption: A Panel Analysis for Australia", The Economic Record, 83 (261), pp. 117-130.
  • ELLIOT, J.W. (1980): "Wealth and Wealth Proxies in a Permanent Income Model", Quarterly Journal of Economics, 95 (3), pp. 509-535.
  • JIMÉNEZ, J.; SÁNCHEZ, M. (2002): "Mercado hipotecario y financiación a la vivienda", Papeles de Economía Española, 94, pp. 109-121.
  • LUDVIGSON, S.; STEINDEL, C. (1999): "How Important is the Stock Market Effect on Consumption?", Economic Policy Review, 5 (2), pp. 29-51. New York, NY: Federal Reserve Bank of New York.
  • LUDWIG, A.; SLOK, T. (2002): The Impact of Stock Prices and House Prices on Consumption in OECD Countries. (Working Paper, 02/1). Washington DC, WA: International Monetary Fund (IMF).
  • MEDIALDEA GARCÍA, B.; ÁLVAREZ PERALTA, N. (2008): Liberalización Financiera internacional, inversores institucionales y gobierno corporativo de la empresa. (Working Paper, 07-08). Madrid: Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
  • MENEZES FERREIRA, V.; RODIL MARZÁBAL, O. (2010): "Una aproximación al impacto de la actual crisis financiera sobre la economía real", en X. Vence et al. [ed.]: Caminos para superar la crisis. Actas de la XII Reunión de Economía Mundial. Santiago de Compostela: Universidad de Santiago de Compostela.
  • MODIGLIANI, F. (1971): "Monetary Policy and Consumption: Linkages Via Interest Rate and Wealth Effects in the FMP Model", en Federal Reserve Bank of Boston [ed.]: Consumer Spending and Monetary Policy: The Linkages, pp. 9-84. Boston, MA: Federal Reserve Bank of Boston.
  • MODIGLIANI, F.; STEINDEL, CH. (1977): "Is a Tax Rebate an Effective Tool for Stabilization Policy?", Brookings Papers on Economic Activity, 8 (1), pp. 177-210.
  • MODIGLIANI, F.; TARANTELLI, E. (1975): "The Consumption Function in the Developing Economy and the Italian Experience", American Economic Review, 65 (5), pp. 825-842.
  • NAREDO PÉREZ, J.M. (2002): "El patrimonio de los hogares españoles (1984-2000)", Revista Bolsa de Madrid, 108, pp. 11-19.
  • PESARAN, M.H.; SHIN, Y; SMITH, R. (1999): Pooled Estimation of Long-Run Relationships in Dynamic Heterogeneous Panels. (Cambridge Working Paper, 9721). Cambridge, MA: University of Cambridge.
  • PHILIPPON, T. (2007): The Equilibrium Size of Financial Sector. (NYU Finance Working Paper, FIN 07-007). New York, NY: New York University.
  • POTERBA, J. (2000): "Stock Market Wealth and Consumption", Journal of Economic Perspectives, 14 (2), pp. 99-188.
  • SKUDELNY, F. (2009): Euro Area Private Consumption: Is there a Role for Housing Wealth Effects? (Working Paper Series, 1057). Frankfurt: European Central Bank (ECB).
  • SLACALEK, J. (2009): "What Drives Personal Consumption? The Role of Housing and Financial Wealth", The B.E. Journal of Macroeconomics, 9 (1), pp. 1-37. Berkeley University Press.
  • STOCK, J.H.; WATSON, M. (1993): "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems", Econometrica, 61 (4), pp. 783-820.
  • SWISTON, A. (2008): A US Financial Condition Index: Putting Credit where Credit is Due. (Working Paper, 08/161). Washington DC, WA: International Monetary Fund (IMF).
  • TRILHA, C. (2001): La política de vivienda en una perspectiva europea comparada. (Colección Estudios Sociales, 9). Barcelona: Fundación La Caixa.
Data source: Dialnet