Inequality, asset markets and bank debt in Sweden, 1900-2013

Ahnland, Lars,1974-Stockholms universitet,Ekonomisk-historiska institutionen (författare)

Part of dissertation "Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013", ISBN PDF: 978-91-7797-064-4.
This investigation concerns the nexus between inequality, asset markets, and private debt, in the case of Sweden in 1900-2013. The evidence of the study suggests that financial wealth in stocks relative to GDP is an intermediary variable between the profit share and bank debt to GDP ratio. Though the study finds that there is a positive long run relationship between the profit share and the bank debt ratio in the case at hand, the inclusion of the stock market wealth ratio changes the sign of the profit share coefficient. Even so, there is also a positive long run relationship between the profit share and stock market wealth relative to GDP. This means that changes in the profit share may still have a positive impact on credit formation, though indirectly via the stock market. The study finds some evidence that collateral in the form of housing wealth is another determinant of the debt level.

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