Wealth Effects on World Private Financial Saving
This paper shows that about 70 percent 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 prices for the sample period 1982-2013. The results suggest that increased fluctuations in asset prices since 1995 have led to increased fluctuations in the world private ﬁnancial saving rate. Wealth eﬀects on private demand appear to be large.
Fair, Ray C., "Wealth Effects on World Private Financial Saving" (2014). Cowles Foundation Discussion Papers. 2389.