Relationship Between Household Consumption and Disaggregated Wealth Components in OECD Countries: Panel Data Analysis for the Period 2010-2017

Year 2024, , 370 - 382, 13.08.2024

Ahmet Hamdi Yanık , Ahmet İncekara

https://doi.org/10.26650/JEPR1512206

Abstract

Understanding household consumption behaviour and its impact on macroeconomic performance has long played an important role in policymaking. This study examines the empirical relationship between consumption, financial wealth, and housing wealth in OECD countries from 2010 to 2017. This study used short and balanced panel data sets covering 28 OECD countries over an eight-year period. Although most empirical research on wealth’s effects on consumption tends to focus on national borders, this study aims to assess the impact of these effects on an international scale and makes a valuable contribution to the existing literature in this area. Based on a thorough analysis of the relevant literature, it was decided that a consumption function based on the life-cycle hypothesis was very useful for this study. Based on this framework, three different panel data regression models were estimated, including one or more wealth components as explanatory variables. The results of the Hausman test show that random effect estimators can provide more effective estimates, while the Swamy test shows that heterogeneity in slope parameters should be taken into account. These tests indicate that the coefficients obtained using the augmented mean group estimator, which accounts for heterogeneity, are more reliable. The results show that marginal propensities to consume, calculated as the coefficient of elasticity, are 0.71 for disposable income, 0.04 for financial wealth, and 0.19 for housing wealth. These findings showed that housing wealth played a greater role than financial wealth in influencing OECD households’ consumption during the period analyzed. The inclusion of housing market dynamics in the consumption function may boost the model’s explanatory power, according to our findings revealing country-specific differences, but more research is required to confirm this.

Keywords

Life-Cycle hypothesis, Household consumption, Financial wealth effect, Housing wealth effect, Panel data analysis

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OECD Ülkelerinde Hanehalkı Tüketimi ile Ayrıştırılmış Servet Bileşenleri Arasındaki İlişki: 2010-2017 Dönemi İçin Panel Veri Analizi

Abstract

Hanehalkı tüketim davranışını ve makroekonomik performans üzerindeki etkisini anlamak, ekonomi politikasının belirlenmesinde uzun süredir önemli bir rol oynamaktadır. Bu çalışma, 2010-2017 yılları arasında OECD ülkelerinde tüketim, finansal zenginlik ve konut serveti arasındaki ampirik ilişkiyi incelemektedir. Çalışmada, sekiz yıllık bir süre boyunca 28 OECD ülkesini kapsayan kısa ve dengeli panel veri setleri kullanılmıştır. Zenginliğin tüketim üzerindeki etkilerine ilişkin ampirik araştırmaların çoğu ulusal sınırlara odaklanma eğiliminde olsa da, çalışmamız bu etkilerin etkisini uluslararası ölçekte değerlendirmeyi ve bu alandaki mevcut literatüre değerli bir katkı sağlamayı amaçlamaktadır. İlgili literatürün kapsamlı bir analizine dayanarak yaşam döngüsü hipotezine dayalı tüketim fonksiyonunun bu çalışma için çok faydalı olacağına karar verilmiştir. Bu çerçeveye dayanarak, açıklayıcı değişkenler olarak bir veya daha fazla servet bileşeni dahil olmak üzere üç farklı panel veri regresyon modeli tahmin edilmiştir. Hausman testinin sonuçları, rastgele etki tahmincilerinin daha verimli tahminler sağlayabileceğini gösterirken, Swamy testi, eğim parametrelerindeki heterojenliği hesaba katma ihtiyacını göstermektedir. Bu testler, heterojenliği hesaba katan artırılmış ortalama grup tahmincisi kullanılarak elde edilen katsayıların daha güvenilir olduğunu göstermektedir. Sonuçlar, esneklik katsayısı olarak hesaplanan marjinal tüketim eğilimlerinin harcanabilir gelir için 0.71, finansal servet için 0.04 ve konut serveti için 0.19 olduğunu göstermektedir. Bu bulgular, analiz edilen dönemde OECD hanehalklarının tüketimini etkilemede konut servetinin finansal servetten daha büyük bir rol oynadığını göstermektedir. Ülkeye özgü farklılıkları ortaya koyan bulgularımıza göre, konut piyasası dinamiklerinin tüketim fonksiyonuna dahil edilmesi, modelin açıklayıcı gücünü artırabilir, ancak bunu doğrulamak için daha fazla araştırmaya ihtiyaç vardır.

Keywords

Yaşam döngüsü hipotezi, Hanehalkı tüketimi, Finansal servet etkisi, Konut serveti etkisi, Panel veri analizi

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