A inflação de ativos nos Estados Unidos nos anos 90

TL;DRAbstract

The thesis aims to analyse the evolution of stock exchanges in the United States during the 1990's from the households' point of view. The goal is to analyse how the increase in stocks influenced the formation of the households' portfolios, influencing their spending decisions. In other words, the proposal is to investigate the asset inflation and the wealth effect caused by the substantial rise in stock prices in the 1990's. In this sense, the author investigates how the increase in the financial wealth (specifically the stocks) in the households' portfolios changed the composition of the wealth of these agents and led to changes in households spending, boosting consumer credit and expanding consumption. Between 1995 and 2000, the unprecedented rise in stock prices in the US increased the households' portfolios in roughly $10 trillion.

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