Financial deregulation and household saving : the Norwegian experience revisited
Working paper
Åpne
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http://hdl.handle.net/11250/180435Utgivelsesdato
2003Metadata
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- Discussion Papers [1000]
Sammendrag
Abstract:
I use new micro data to study the effects of credit deregulation on the Norwegian household savings
decline in the mid-1980s. This paper has three main findings. First, the decline in saving started in
1983, a couple of years earlier than previously thought on the basis of National Accounts data.
Second, it was primarily young and middle-aged households who increased their consumption.
Finally, the rapid increase in housing prices in 1985-86 may have been an important determinant of
older and retired households' saving through reversed mortgages, but cannot on its own explain the
decline in savings that started in 1983.