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http://hdl.handle.net/1942/29829
Title: | Consumer Confidence and Household Saving Behaviors: A Cross-Country Empirical Analysis | Authors: | VANLAER, Willem BIELEN, Samantha MARNEFFE, Wim |
Issue Date: | 2020 | Publisher: | SPRINGER | Source: | Social indicators research,147 (2),p. 677-721 | Abstract: | The global financial crisis wreaked havoc on the European economy and dented consumer confidence. This paper exploits a panel dataset of 18 EU countries over the period 2001–2014 to examine whether this decrease in consumer confidence affected household sav-ing behaviors and if so, which specific sub-indicators of consumer sentiment played the most significant role. To tackle the issue of potential endogeneity between household sav-ing rates and consumer confidence, we use an instrumental variable approach. Our results suggest that confidence in household financial situations has a substantially larger effect on household saving than confidence in the general economic situation. Moreover, we find that the impact of consumer confidence on household saving has increased after the crisis, potentially due to a threshold effect. | Notes: | We thank Mattia Osvaldo Picarelli, Sofa Amaral-Garcia as well as the participants of the 87th International Atlantic Economic Conference in Athens for their very useful comments and insights on this paper. Moreover, we greatly appreciate the valuable contribution from Tom De Blauwe to the collection of data for our analysis | Other: | Vanlaer, W (reprint author), Hasselt Univ, Fac Appl Econ, Martelarenlaan 42, B-3500 Hasselt, Belgium. willem.vanlaer@uhasselt.be | Keywords: | Precautionary saving;· Consumer confdence;· Household saving behaviors | Document URI: | http://hdl.handle.net/1942/29829 | ISSN: | 0303-8300 | e-ISSN: | 1573-0921 | DOI: | 10.1007/s11205-019-02170-4 | ISI #: | WOS:000511862100013 | Rights: | Springer Nature B.V. 2019 | Category: | A1 | Type: | Journal Contribution | Validations: | ecoom 2021 |
Appears in Collections: | Research publications |
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