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U. S. Saving

William Poole*
President, Federal Reserve Bank of St. Louis

CFA Society of Nebraska
Omaha, Neb.
Feb. 15, 2007

*I appreciate comments provided by my colleagues at the Federal Reserve Bank of St. Louis. Robert H. Rasche, senior vice president and director of research, and Massimo Guidolin, assistant vice president, provided special assistance. I take full responsibility for errors. The views expressed are mine and do not necessarily reflect official positions of the Federal Reserve System.
U. S. Saving

I am delighted to be here today—my first trip to Omaha since coming to the St. Louis Fed in 1998. My subject is an important, and puzzling, one. The puzzle is nicely illustrated by recent newspaper stories reporting that the U.S. saving rate is at the lowest level in 73 years—that is, since 1933, the bleakest year of the Great Depression. But let me ask five questions: Are there signs of distress all around, as there were 73 years ago? Has there been a tremendous surge of bankruptcies? Has the United States become a nation of profligate spenders? Are the data wrong? Are the data screwy?

My answers to these five questions are no, no, no, no and no. But there are some puzzles to explain, and that is what my remarks are about.

As you may be able to tell from these introductory remarks, I am not going to express deep dismay in line with the headline news. Nevertheless, to avoid being misinterpreted, I want to emphasize that my relaxed perspective on national saving today does not imply that individual households have nothing to worry about. Many households would be much better off if they had larger assets and less credit-card debt carrying high interest rates. Many would have a happier and more secure retirement if they consumed less and accumulated more wealth during their working years. But these points were as valid 25 years ago when the personal saving rate was fairly consistently above 6 percent as they are today when the saving rate is negative. Moreover, I think there was a case 25 years ago that the United States as a whole would have been better off if it had saved more, and that is equally true today. The reality has changed far, far less than the headlines suggest.

Before proceeding, I want to emphasize that the views I express here are mine and do not necessarily reflect official positions of the Federal Reserve System. I thank my colleagues at the Federal Reserve Bank of St. Louis for their comments. Robert H. Rasche, senior vice president and director of research, and Massimo Guidolin, assistant vice president, provided special assistance. I retain full responsibility for errors.
Headline Grabbing Data

Within the past year the personal saving ratio, which is reported every month, has turned negative (Figure 1A), and these monthly data releases have yielded headlines all along the way. Monthly data on household debt service payments as a percent of personal income have reached all time highs (Figure 1B). The federal government is running a large budget deficit (Figure 1C), and the U.S. net international investment position (Figure 1D) is now reported as a negative net position in excess of 20 percent of GDP. Reports in the financial press discuss the rapid accumulation of foreign exchange reserves by China, held mostly in U.S. dollars, and speculate on the impact on U.S. interest rates and the dollar exchange rate should the Chinese choose to diversify a significant fraction of such holdings out of dollars. Personal financial advisers and others frequently are quoted as forecasting that the “boomers” are ill prepared to finance their retirement years.(1)

Such headline news alarms some readers and indeed can promote a general feeling of unease about the future standard of living of U.S. citizens. The news reminds me of the chorus of an old song from my youth:

You load sixteen tons, and what do you get?
Another day older and deeper in debt.
Saint Peter, don’t you call me ‘cause I can’t go;
I owe my soul to the company store.(2)

However, there is a “rest of the story.” My purpose today is to discuss some of the definitions that are used to generate the saving data featured in the headlines, to outline some of the basic insights of the theories that economists have come to rely upon to explain the savings behavior of consumers, and then present some additional data relevant to those theories that suggest a vastly different perspective.
The Definitions behind the Headline News
I begin with the critical distinction between saving and savings. Economists are often a bit sloppy, in my view, in how they use these two words and headline writers may not appreciate the importance of the distinction. Saving is the flow of after-tax income not consumed. Roughly speaking, saving is the part of your monthly paycheck that is left over after paying all your bills. You may use your saving to pay down debt or add to your assets. Savings, with the “s” on the end, is the stock of wealth you have accumulated—your net worth calculated by taking the value of all the assets you own and subtracting your liabilities. Saving is a flow, savings is an accumulated stock. The distinction between saving and savings is as elementary and as important as the distinction between a company’s income statement and its balance sheet.

For the economist, the basic definition of household income in a particular year is consumption plus the change in net worth. The saving rate is then income minus consumption as a percentage of income. The issue is simple when the setting is simple. Suppose you have an annual salary income of $100,000 and your only asset is a bank deposit bearing no interest. If, over the course of the year, you spend $95,000 on consumption goods, then your saving is $5,000, which shows up as an increase in your bank deposit. We can think of your income as the salary of $100,000, or as your consumption of $95,000 plus the increase of $5,000 in your net worth. The two different approaches yield the same answer. Your saving of $5,000 yields a saving rate of 5 percent.

If you had consumed goods worth $105,000, you would have had to draw down your bank account or borrow. In either case, your net worth would have declined by $5,000. Your income was still $100,000, whether calculated directly from your salary or from your consumption plus the change in your net worth. Your saving rate would have been minus 5 percent.

The issue becomes much more complicated when your assets can change in price, yielding capital gains or losses. As we will see, that is much of what the saving rate issue is all about.

The underlying data of the headline news are mostly derived from our National Income and Product Accounts—the NIPA. These are flow accounts, constructed by the Bureau of Economic Analysis (BEA), designed to measure the current production of goods and services in some particular period, such as a year. The BEA defines personal saving as the difference between current personal outlays and current disposable personal income. The saving rate is saving as a percentage of disposable income.

The NIPA framework is that of a double-entry accounting system. By construction, Gross National Product is equal to Gross National Income. Consider the value of a company’s output. Its revenue from sales is the value of the production. The revenue is then distributed as income to employees, dividends to shareholders and retained earnings, or undistributed corporate income. Of course, the tax collectors get some too, and it shows up in the NIPA as government revenue. By definition, the total value of the product equals the total value of the income to various income recipients.

The NIPA focus on both expenditure and income flows has the potential to create accounting discrepancies because the data are collected from different data sources. Income data are collected from payroll data, IRS filings, corporate tax reports and the like. Personal outlays are almost entirely personal consumption expenditures. The dollar value of these expenditures is the value of the goods and services companies sell to households. The more reliable data are those from the demand (expenditure) side of the national accounts. Income data are notoriously imprecise, and they fail to add up to aggregate GDP by as much as 2-3 percent. This difference appears in the NIPA as an account called “statistical discrepancy.” If income data are typically underestimated, the NIPA saving rate will also be underestimated. In any event, we know that the saving rate is subject to substantial measurement error and to frequent major revisions.

These observations are meant to help understand the measurement issue, but they do not resolve the apparent mystery of why the saving rate has become negative. The statistical discrepancy in the NIPA has not been growing over time. A number of other issues I’ll flag do not solve the mystery either, because the measurement errors do not seem to be changing enough over time to account for the change in the saving rate. Nevertheless, I’ll go though some of the more important issues.

A number of statistical and measurement issues have been debated in the literature on the evolution of the U.S. saving rate. I will focus on five distinct issues that may cause the measured NIPA saving rate to substantially differ from a true, unobserved personal saving rate.

The NIPA saving rate and realized capital gains. Gross Domestic Income is designed to measure income generated by current production. Personal income goes to households and includes wages, salaries, rents, royalties, dividends and interest. These are all income flows derived from current production of goods and services. Disposable income is personal income less direct taxes, which include income taxes, Social Security taxes and the like.

All transactions involving exchange of existing assets, however, are excluded from measured income because such transactions do not have an associated production of goods or services. If a household consumption unit considers any such capital gains or losses as income, then the NIPA framework underestimates the saving rate as perceived by households. And, I might add, it is perfectly sensible for a household to consider capital gains to be income available to be spent on consumption goods.

Here is one problem: Capital gains taxes are considered direct taxes and subtracted from personal income in calculating disposable personal income. Thus, capital gains income is not counted, but tax paid as a result of realized capital gains is counted. In an environment where there are aggregate taxable capital gains, the NIPA saving rate underestimates the true saving rate as seen by households.

The capital gains issue has grown, and not just because stock market gains have often been substantial in recent years. A company can throw off cash to investors either through paying dividends, which appear in personal income, or through share repurchases. Share repurchases tend to increase stock prices, yielding capital gains to shareholders which do not appear in personal income. If companies have increasingly used share repurchases instead of dividends—which appears to me to be the case—the result would be to create a downward bias to the measured saving rate.

NIPA saving rate and pension plans. The NIPA treat contributions to defined contribution pension plans, whether made by employees or by employers on their behalf, as disposable personal income at the time such contributions are made. Investment income on these accounts is also accrued as disposable personal income. Investment income consists of interest and dividend earnings.(3) Payments from such funds are not counted as current income, but treated as an exchange of one financial asset—pension accumulations—for another—cash. While not completely clear, consistency suggests that the unrealized capital gains accrued by defined contribution pension plans are not counted as income, nor is the realization of such gains in benefit payments counted as retirement income.

Defined benefit plans are treated similarly to defined contribution plans. Employer contributions to such plans and the investment income accruing are counted as personal disposable income. The administrative expenses of such plans are included in personal consumption expenditures. Again, benefit payments are excluded from personal disposable income.(4) At one point, government sector defined benefit pension plans were treated differently from private sector defined benefit plans. That asymmetry has now been changed and the above treatment is applied to all defined benefit plans.

Note that this treatment of defined benefit plans can generate issues in the timing of income and saving since at any point in time such plans can be under- or overfunded. Underfunding, and subsequent “catch-up” payments, defers the recording of income. Overfunding resulting from capital gains on the investment portfolio can produce temporary or permanent understatement of income from such plans.

While payments out of defined contribution and defined benefit pension plans are not counted as personal income, such payments are subject to income tax. These tax payments reduce measured personal disposable income and the saving rate at the time that the retirement benefits are paid. The logic of this treatment in the NIPA is that personal income is recognized when the retirement plan contributions are earned rather than when the benefits are paid, often many years after being earned.

Employers make investment decisions for defined benefit plans and retain investment risk. Given this fact, an alternative approach, not used in the NIPA accounts, would be, first, to remove employer contributions as well as rental income, dividends and interest accruing to such plans from personal income and, second, remove administrative expenses from personal outlays. Then, third, under this alternative treatment, the benefits paid out by defined benefit plans would be added to personal income. Experiments with these adjustments show that the impact on the measured saving rate is minor, in part because of the decreasing importance of defined benefit pensions in the private sector in recent decades.(5)

NIPA saving rate and stock options. Stock options are a form of deferred compensation to employees. At the time they are granted, they are not treated as generating income for the employee, nor do they produce a charge against profit and loss for the employer. At the time that nonqualified stock options are exercised, the difference between the market price and the exercise price of the option is reported as capital gain on the employee’s income tax return and the employer receives a tax deduction for this same difference.(6) In principle the exercise of a nonqualified stock option generates income that is reported for purposes of assessing unemployment insurance taxes. Since reported unemployment insurance wage and salary income are the basic data used to construct compensation in the NIPA, taxable option income likely is included in personal income. However, income from nontaxable incentive stock options does not get included in personal income.

NIPA saving rate and deferred compensation. Increasing use of deferred compensation can, in principle, bias the NIPA saving rate downward. Compensation is accrued in National Income at the time it is earned. However, it is only recorded in Personal Income at the time that it is received. Growing deferred compensation would lead to an increasing discrepancy between accrued compensation and received compensation. If households determine their consumption patterns on the basis of earned compensation (whether or not it is received) then the measured saving rate is biased downward. However, since 1959 wage accruals less disbursements as recorded in the NIPA accounts have never been more than 0.3 percent of personal income, so deferred compensation cannot have made a significant contribution to the negative trend in the saving rate.(7)

NIPA saving rate and purchases of consumer durable goods. The accumulation of reproducible capital goods purchased by households is not treated symmetrically in the NIPA. Purchases of newly constructed houses are considered in the NIPA as an investment activity, not a consumption expenditure at the time of purchase. Houses are treated as assets that generate housing services or rental income and depreciate over time regardless of whether the units are owner-occupied or are owned by a rental business. Consequently, over the useful life of the house owner-occupiers are treated as if they are both landlords and tenants renting the property from themselves. An imputation is made for rent from the owner-occupied unit, based on market data from comparable rental units. This imputed rent is included in personal consumption expenditures for each period. On the income side of the accounts this imputation is included in rental income.

In principle, the accounting applied to houses should apply to all purchases of durable goods by households, including automobiles, household appliances, electronic equipment and so forth. In practice consumer durables purchases are treated like food purchases—a current outlay that is quickly consumed. Thus, in the NIPA purchases of newly produced consumer durables are included in entirety at the time of purchase, rather than imputing a flow of services from the assets over their useful lives. If cars, for example, were treated like a house in the NIPA, the consumption entry would be imputed transportation services, including depreciation, from cars rather than the amount spent on the car itself at time of purchase.

Estimates of the household saving rate that treat purchase of consumer durable goods as consumption and impute service flows from such goods as consumption have been constructed.(8) These alternative estimates show a higher level of the saving rate and different behavior of the saving rate over business cycles. However, the negative trend observed in the NIPA saving rate over the past 10-15 years is evident in this alternative measure.
A Little Bit of Consumption Theory

The foundations of modern economic theory of household consumption behavior were established a half century ago. The pioneering work in this field was done in the 1950s and early 1960s by Milton Friedman and by Franco Modigliani and coauthors.(9) The common starting point for these theories is that households derive utility, or satisfaction, from their consumption over multiple periods. The theoretical concept of consumption includes the flow of services from consumer durables, not the expenditures on durables measured in the NIPA. In Modiglani’s formulation, the multiple periods span the lifetime of the household and encompass both working years and a period of retirement. The motivation assigned to households is to maximize the utility derived from consumption over the multi-period horizon. Under this assumption, households smooth their consumption over time. Faced with fluctuations in income, households use borrowing, saving, and wealth accumulation as the tools by which they achieve the desired time profile of consumption. In this framework, the principal determinant of consumption is not current personal disposable income, but rather household net worth.

Ando and Modigliani show that this theoretical framework can be used to derive hypotheses about aggregate household consumption and household net worth accumulation. In particular, they conclude that, with a stable age distribution of the population and continuing productivity growth, over time household net worth should tend to grow at a constant rate.(10)
Another Story: Evidence from the Flow of Funds Accounts

The Flow of Funds accounts published by the Board of Governors are another source of data on personal saving and household wealth accumulation. The personal saving concept in these accounts is conceptually the same as the NIPA measure, but because different source data are used, the numbers are not identical.(11) From the Flow of Funds accounts it is possible to construct another concept of personal income and consumption, and hence saving, that treats expenditures on consumer durables as investment and measures consumption as a flow of services, as suggested by theories of consumption behavior.

Yet another perspective is available from the balance sheet data in the Flow of Funds accounts. End-of-year balance sheets for the household (and nonprofit institution) sector are available from 1946. End-of-Quarter balance sheets are available beginning in 1952. These tables contain estimates of reproducible assets, financial assets, liabilities and net worth for the various sectors.(12) Market values are used for housing assets and corporate equity in these accounts, though holdings of bonds are reported at face value. Thus, the changes in household net worth measured in these accounts include capital gains/losses on both houses and equities.

Raymond Goldsmith also constructed estimates of net worth on nonfarm households and nonprofit institutions in his monumental Study of Saving.(13) These data are available for selected years from 1900 through 1949. Albert Ando and E. Cary Brown extended these data to annual time series from 1929 through 1958.(14) Ando and Brown also constructed measures of consumption defined as total personal consumption expenditures, less personal consumption expenditures on durable goods plus depreciation of the stock of durable goods valued at replacement cost.(15) Since the stock of consumer durable goods recorded in the Flow of Funds Accounts is measured at replacement cost, a comparable series for annual consumption can be constructed by subtracting the annual change in the Flow of Funds measure of the stock of consumer durables from the annual NIPA Total Personal Consumption Expenditure measure. The time series of these measures of annual consumption to end-of-year household net worth are shown in Figure 2 on an annual and five-year average basis. The behavior of these time series is quite consistent with the theory that consumption should be proportional to net worth. There are small fluctuations in the series from year to year that largely average out over five years. The notable exceptions are during the Great Depression and during second half of the 1990s when household net worth changed rapidly with major stock market fluctuations.

The annual percentage change in both the Ando-Brown and the Flow of Funds series, less the December-to-December rate of CPI inflation is shown in Figure 3. These series measure the real (i.e. inflation adjusted) rate of change of household net worth. Both series are quite volatile. However, neither series exhibits a trend, and the means of the series are quite close. The mean real growth of household net worth from 1929 through 1958 is 3.0 percent. The mean real growth of the Flow of Funds measure of household net worth from 1946 through 2005 is 3.6 percent. Again, the data are consistent with the broad implications of the received economic theory on the determinants of aggregate consumption.

There is not uniform agreement among economists that increases in net worth generated by capital gains should be considered saving. Some argue that the relevant capital gains are those generated by increased productivity of the underlying asset, and capital gains that do not contribute to increased future income should not be treated as saving. Of course, there is no obvious way to separate observed capital gains into those generated by higher productivity of capital and those that could result from changes in tastes or risk premiums. There is now general agreement among economists that a significant increase in trend productivity occurred in the U.S. economy starting around the mid 1990s. A major stock market boom occurred in the late 1990s.

Over most of the post-World War II period, the personal saving rate averaged about 6 percent, with some higher years from the mid 1970s to mid 1980s. The negative trend in the NIPA saving rate started in the mid 1990s, about the same time the stock market boom started. Thus it is hard to dismiss the hypothesis that the decline in the measured saving rate in the late 1990s reflected the response of consumption to large capital gains from corporate equity. Evidence from panel data of households also supports the conclusion that the decline in the personal saving rate since 1984 is largely a consequence of capital gains on corporate equities.(16)

As is well known, the stock market boom collapsed in 2001, and equity prices are only now returning to the previous peak levels. Subsequent to the stock market boom, however, there was a major housing boom in the United States both in terms of construction and property values. It is more problematic to argue that the recent growth in household net worth, supported by capital gains in housing, reflects improved productivity trends. Nevertheless, in the past several years, consumption demand appears to have responded to the capital gains in housing. There is substantial evidence of “equity extraction” by homeowners during the recent housing boom, and cross-section evidence of large responses of consumption by some groups of households to increases in house values.(17)

As an alternative measure of the saving rate, we can consider the ratio of the change in household net worth from the Flow of Funds accounts to the NIPA measure of personal disposable income. The annual and five-year average data for this series are shown in Figure 4. Year to year, the movements are quite volatile, but the negative trend characteristic of the headline saving rate is not present. Indeed, in the late 1990s this ratio jumped up, reflecting large capital gains on corporate equities, fell in 2000-2001 reflecting the end of the stock market boom, but has moved above its long-term average in 2003-2005.
Capital Gains and Long-term Real Interest Rates

The evidence presented above suggests that the behavior of aggregate consumption in the United States relative to household net worth over the past two decades is consistent with long-established patterns. Thus, most of the observed negative trend in the NIPA saving rate seems to be attributable to the omission of capital gains and losses from measured personal disposable income. The evidence suggests that it is not a coincidence that increases in household wealth and a long-term downward trend in the NIPA saving rate have occurred together. Increases in household wealth have been driven by increases in stock prices after 1982, albeit with some significant fluctuations, and by the more recent increase in home values after 2001.

This observation, however, leaves a question: Why have we observed such high capital gains on corporate equities and housing? Part of the story is the substantial decline in inflation and greater confidence in sustained low inflation after 1982. At that time, also, changes in tax and other policies contributed to higher economic growth and increases in corporate profits, which have been growing most years since 1982. But another part of the story may be a downward trend in real interest rates since the late 1990s. Declining real interest rates increase asset values.

Recent yields on indexed bonds both in the United States and globally appear very low, relative to the conventional wisdom on the historical behavior of real yields. With the exception of the United Kingdom, where indexed bonds were introduced in the early 1980s, markets in inflation indexed debt are relatively new. The U.S. Treasury started issuing such securities in 1997. The French introduced a bond that is denominated in Euros and indexed to the Euro area harmonized CPI inflation in 2002. For the past four years, the real yield on these bonds has fluctuated around two percent or slightly higher.

To infer the behavior of U.S. real yields since the early 1990s, we can use U.K. indexed bond data and assume that U.S. yields have moved in similar fashion or we can use U.S. data that are constructed from survey measures of inflation expectations. Such data are shown in Figure 5. The first series shown there is the 10-year Treasury constant maturity yield less the 10-year inflation expectation reported in the Survey of Professional Forecasters.(18) The second series is the monthly average yield on the 10-year U.K. indexed bond for the middle month of each quarter. The third series is the monthly average 10-year constant maturity Treasury yield, again for the middle month of each quarter.(19) The series inferred from the Survey of Professional Forecasters is quite consistent with the market yield on the indexed bond for the periods where both series are available.

These data suggest that a significant decline in long-term real interest rates started in the early 1990s, when the estimated real yield averaged around 3.5 percent. More recently, the average real yield has been around 2 percent. This negative trend is also visible in the U.K. indexed yield, which declined rapidly in the late 1990s from around 3.5 percent to 2 percent or below in recent years. A decline in global real rates of this size, if expected to be permanent, should produce a major upward revaluation of the value of long-lived assets such as corporate equities and housing. Hence the explanation of the observed trend in the conventional saving rate in the U.S. can likely be traced, in considerable part, to global changes in real rates of interest.

Where do these observations leave us? I’ll offer two tentative conclusions. First, household saving behavior does not seem to have changed in any fundamental way. What has changed to a degree is the trend in asset values. Households have consumed some of the increase in asset values in about the same way they always have.

My second tentative conclusion is that the behavior of households, though perfectly sensible and responsible for households as a whole, has led to a situation in which the United States as a whole is saving too little of its national output. U.S. domestic investment has not suffered, because capital has been flowing into the United States from abroad. However, at some point the U.S. net international investment position will stop becoming ever more negative. U.S. saving will then finance a larger fraction of U.S. domestic investment and, perhaps, repurchase some U.S. assets now held by international investors. There is no reason why this adjustment should be difficult or disorderly, but it will require that U.S. consumption outlays expand more slowly than U.S. GDP for a time.
Footnotes

1. See for example: Jack VanDerhei, Craig Copeland and Dallas Salisbury, Retirement Security in the United States, Washington DC: Employee Benefit Research Institute, 2006.

2. Written by Merle Travis, 1947.

3. William G. Gale and John Sabelhous, “Perspectives on the Household Saving Rate,” Brookings Papers on Economic Activity, I:1999, p. 182.

4. Marshall B. Reinsdorf, “Alternative Measures of Personal Saving,” Survey of Current Business, Sept 2004, p. 20.

5. Jack VanDerhei, Craig Copeland and Dallas Salisbury, Retirement Security in the United States, Washington DC: Employee Benefit Research Institute, 2006, pp. 44-50.

6. Some stock options (incentive stock options) do not result in a tax liability to the employee or a tax deduction for the employer. It is believed that nonqualified stock options are the most prevalent form. For a detailed discussion of the treatment of stock options in the NIPA see Carol Moylan, “Treatment of Employee Stock Options in the U.S. National Income Accounts,” Bureau of Economic Analysis, U.S. Department of Commerce (undated).

7. See the NIPA table: “Relation of Gross Domestic Product, Gross National Product, Net National Product, National Income and Personal Income.”

8. See for example: Marshall B. Reinsdorf, “Alternative Measures of Personal Saving,” Survey of Current Business, September 2004, Chart 5, p. 23.

9. M. Friedman, A Theory of the Consumption Function, Princeton NJ: Princeton University Press, 1957. Franco Modigliani and Richard Brumberg, “Utility Analysis and the Consumption Function An Interpretation of Cross-Section Data,” in Kenneth K. Kurihara (ed.) Post Keynesian Economics, New Brunswick NJ: Rutgers University Press, 1954, pp. 388-436. Albert Ando and Franco Modigliani, “The ‘Life-Cycle’ Hypothesis of Saving: Aggregate Implications and Tests,” American Economic Review, 53, part 1 (March 1963) pp. 55-84.

10. See Ando and Modigliani, footnote 30, equation (b), p. 77.

11. Daniel Larkins, “Note on the Personal Saving Rate,” Survey of Current Business, February 1999, p. 8.

12. For annual data, see Table B-100.

13. R.W. Goldsmith, D.S. Brady, and H. Menderhausen, A Study of Saving in the United States, Volume III, Princeton NJ: Princeton University Press, 1956, Table W-22.

14. Albert Ando, E. Cary Brown, Robert M. Solow and John Kareken, “Lags in Fiscal and Monetary Policy,” Stabilization Policies, Commission on Money and Credit, Commission on Money and Credit, Englewood Cliffs, NJ: Prentice-Hall, Inc, 1963, p. 150.

15. Albert Ando, E. Cary Brown, Robert M. Solow and John Kareken, “Lags in Fiscal and Monetary Policy,” Stabilization Policies, Commission on Money and Credit, Commission on Money and Credit, Englewood Cliffs, NJ: Prentice-Hall, Inc, 1963, Table I-A1, footnote 6, p. 152.

16. F. Thomas Juster, Joseph P. Lupton, James P. Smith and Frank Stafford, “The Decline in Household Saving and the Wealth Effect," Board of Governors of the Federal Reserve System, FEDS Discussion Paper 2004-32.

17. Andreas Lehnert, “Housing, Consumption and Credit Constraints,” Board of Governors of the Federal Reserve System, FEDS Discussion Paper 2004-63.
Alan Greenspan and James Kennedy, “Estimates of Home Mortgage Originations, Repayments and Debt on One-to-Four-Family Residences,” Board of Governors of the Federal Reserve System, FEDS Discussion Paper 2005-41.

18. The Survey of Professional Forecaster data are collected once a quarter by the Federal Reserve Bank of Philadelphia. The data are available since November 1991. The data plotted are the monthly average 10-year constant maturity Treasury yield for the middle month of each quarter less the 10-year inflation expectation reported in the SPF.

19. Though indexed Treasuries were first issued in 1997, the 10-year constant maturity yield is constructed only since 2002.

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신임 법무장관에 민변 출신 이용철 '성남라인' [서울=뉴스핌] 박찬제 기자 = 이재명 대통령은 6일 새 법무부 장관에 이용철(66·순창) 현 방위사업청장, 국세청장에 안덕수(55·부산) 서울지방국세청장을 후보로 지명했다. 청와대 새 정무수석으로는 최인호(60·창녕) 더불어민주당 재선 의원 출신인 주택도시보증공사 사장을 임명했다. 임광현 대통령 비서실장은 이날 오후 청와대 춘추관에서 인사 발표 브리핑을 했다. 임 실장은 "국민의 목소리를 더 많이 듣고 소통하겠다는 의지이며 국민 삶 속에 정책 변화와 효능감이 체감될 수 있도록 하는 데 중점을 뒀다"고 이번 인사 방향을 설명했다. 임 실장은 이 법무장관 후보에 대해 "민주사회를 위한 변호사 모임 출신으로 인권 보호와 민주 가치 증진에 힘써 온 변호사"라며 "참여정부 민정수석실 민정2비서관과 법무비서관을 역임하며 반부패와 제도개혁을 주도한 바 있다"고 소개했다. 임 실장은 "법조인이면서도 구조개혁 등 다양한 행정 경험을 갖춘 만큼 새로운 형사사법 체계를 안착시키고 누구도 소외되거나 억울한 일을 겪지 않는 법무 행정을 할 것으로 기대된다"고 이번 인선 배경을 설명했다. 임 실장은 이 후보가 과거 대장동 사건에 연루됐다는 언론 질문에 "그 부분은 검증 때 감안됐고 자세한 건 국회 인사청문회 때 본인이 소명할 걸로 기대한다"며 "적임자를 뽑기 위해 다양한 많은 분에 대한 검증이 있었다"고 밝혔다.  안 국세청장 후보에 대해 임 실장은 "국세청 1조사국장과 징세법무국장, 납세자보호담당관 등 주요 보직을 두루 거친 세무 행정 전문가"라며 소개했다. 임 실장은 "성실하게 세금을 내는 국민이 손해 보지 않도록 악의적 탈세와 숨긴 재산은 끝까지 추적해 조세 정의를 실현할 것으로 기대한다"고 인선 이유를 설명했다. 최 정무수석 내정자에 대해 임 실장은 "부산 지역 재선 국회의원 출신으로 민주당 최고위원과 수석대변인을 역임하며 소통과 통합의 가치를 실천해 온 정치인"이라고 소개했다. 임 실장은 "우리 사회의 통합과 성장을 위해 더 낮은 자세로 여야, 국민과 소통하며 국민이 하나 되는 정치를 뒷받침할 것으로 기대한다"고 인선 배경을 설명했다.  임 실장은 "청와대 내부 인사는 검토가 되는 대로 업무의 연속성과 개혁 성과, 국민 체감을 위해서 필요한 경우에는 적당한 시점에 인사를 하도록 하겠다"고 밝혔다. pcjay@newspim.com 2026-11-06 15:53
사진
한진칼 최대주주 오른 호반건설…항공업 진출? [서울=뉴스핌] 송현도 기자 = 호반그룹이 조원태 한진그룹 회장 측을 0.11%p(포인트) 차로 제치고 한진칼 최대주주(지분율 20.69%)에 오르면서 호반건설의 지분 매입 의도에 관심이 집중되고 있다. 단순 투자라는 공식 입장과 달리, 건설업 불황 속 한진칼 지분이 그룹의 재무적 가치를 뒷받침하는 핵심 자산으로 자리 잡은 데다 과거 금호산업 인수전부터 이어진 항공업 진출 구상에도 다시 힘이 실릴 수 있기 때문이다. ◆ 분양 반토막·PF 대위변제 덮은 6152억 평가차익… 호반의 '손익 방어막' [AI그래픽=송현도 기자] 6일 건설업계 등에 따르면 호반건설이 주택·건설 경기 침체 속에서도 수천억원을 투입해 한진칼 지분을 확보한 배경에는 재무적 실익이 자리 잡고 있다는 분석이 나온다. 한진칼 주가 상승에 따른 대규모 평가이익이 건설업 불황으로 악화한 그룹의 실적을 보완하는 역할을 하고 있다는 것이다. 호반건설의 2025년 연결감사보고서에 따르면 지난해 연결 매출액은 1조2326억원, 영업이익은 1361억원으로 전년(매출 2조3706억원, 영업이익 2716억원) 대비 각각 절반 수준으로 줄었다. 주력 사업인 분양수익이 1조1476억원에서 2531억원으로 급감한 영향이 컸다. 영업활동 현금흐름도 4728억원 적자로 돌아섰다. 부동산 프로젝트파이낸싱(PF) 보증 의무에 따라 4395억원을 대위변제하면서 2381억원의 기타대손상각비를 인식하는 등 재무 부담도 커졌다. 올해 2월에는 대위변제에 따른 구상채권과 상계하는 방식으로 대구 황금동 주상복합 용지를 2750억원에 취득하기도 했다. 이 같은 본업 부진을 상쇄한 것은 한진칼 지분에서 발생한 평가이익이다. 취득원가가 6966억원인 한진칼 지분의 장부가액은 지난해 말 1조5544억원으로 늘었다. 호반건설은 이를 통해 한 해 동안 6152억원의 금융자산 평가이익을 인식했다. 영업이익이 큰 폭으로 감소했음에도 당기순이익은 4752억원으로 전년(2657억원)보다 78.8% 증가했다. 100% 자회사인 호반호텔앤리조트도 비슷한 구조다. 본업 영업이익은 182억원에 그쳤지만, 보유 중인 한진칼 주식(장부가액 5902억원)에서 2267억원의 평가이익이 발생하면서 당기순이익 1872억원을 기록했다. 호반호텔앤리조트는 이를 바탕으로 모회사 호반건설에 1000억원의 현금배당을 결의하며 자금 공급 역할도 했다. 결국 한진칼 지분은 호반그룹의 실적 방어와 현금 확보에 기여하는 핵심 자산으로 자리 잡았다. 향후 경영권 분쟁 가능성이 이어지면서 한진칼 주가가 추가 상승할 경우 평가이익 확대는 물론 그룹의 순이익과 배당 여력에도 긍정적인 영향을 미칠 수 있다.  ◆ '집중투표제' 무기 쥔 호반… 이사회 진입 시 한진 경영권 영향 호반이 내년 3월 정기주총에서 이사회 진입에 성공할 경우, 단순 주주를 넘어 한진그룹 지배구조 전반에 영향력을 행사하게 된다. 한진칼 반기보고서에 따르면 한진칼은 올해 3월 정기주총에서 상법 개정에 맞춰 정관 제30조의 '집중투표제 배제 조항'을 삭제했다. 집중투표제란 주주총회에서 2명 이상의 이사를 선임할 때, 주주가 1주당 선임할 이사의 수만큼 의결권을 부여받고 이를 특정 후보 1명에게 몰아주거나 나누어 투표할 수 있는 제도로, 내년 3월 주총이 한진칼에 집중투표제가 의무 적용되는 첫 무대가 된다. 내년 3월 20일 임기가 만료되는 사외이사는 배성례(ESG경영위원회·보상위원회 위원장), 송백훈(분리선출 감사위원 겸 감사위원장), 홍동표(감사위원 겸 독립이사후보추천위원장) 위원 등 3명이다. 특히나 분리선출 감사위원 표결에서는 최대주주와 특수관계인의 의결권을 합산 3%로 제한하는 강화된 '3% 룰'이 적용된다. 오는 12월 31일 주주명부 폐쇄일 기준 최대주주가 되는 쪽이 의결권에서 불리해지는 구조다. 조원태 회장이 예고대로 12월 중 지분 0.49%를 추가 매수해 최대주주를 탈환하면 조 회장 측 전체 의결권은 3%로 묶이는 반면, 2대 주주가 되는 호반 측은 계열사별로 나눠 총 6.32%를 행사할 수 있다. 호반 입장에서는 감사위원 표결의 실리를 챙기기 위해 연말까지 조 회장의 최대주주 복귀를 용인할 가능성도 거론된다. 일반 사외이사 선임에서도 호반이 주총 6주 전(내년 2월 중순)까지 보유 목적을 경영참여로 바꾼 뒤 집중투표제를 신청해 특정 후보에게 표를 몰아주면 이사회 진입 가능성이 높아진다. 호반 측 인사가 이사회와 감사위원회에 1석이라도 진입하면 상법상 회계장부 열람권과 주요 안건 의결권을 바탕으로 대한항공·아시아나항공 통합 자금 지원, 자회사 부동산 매각, 배당 정책 등에 관여할 수 있다. 나아가 호반호텔앤리조트(리솜리조트)와 한진칼 산하 호텔·관광 계열사(칼호텔네트워크, 한진트래블) 간의 사업 시너지나 자산 매각 협상을 요구할 기반도 확보하게 된다. 반면 한진칼은 지난해 8월 보유 자사주 44만44주(0.66%)를 사내근로복지기금에 전량 출연해 현재 방어에 쓸 수 있는 보통주 자사주가 3주뿐이다. 올해 1월 자회사 칼호텔네트워크가 그랜드하얏트인천 웨스트타워를 2100억원에 매각해 한진칼 본사 현금성자산(단기금융상품 포함 3201억원)은 늘어났지만, 회사 자금으로 자사주를 사들여 방어에 나설 수는 없어 조 회장 개인과 우호 세력의 자금 부담이 커지는 상황이다. ◆ 금호산업 인수전부터 이어진 항공업 진출 시도… 산은 지분 매각이 승부처 재계와 투자은행(IB) 업계에서는 호반의 목표가 단순 차익 실현을 넘어 한진그룹 경영권 인수에 맞춰져 있다는 시각이 나온다. 김상열 호반그룹 창업주는 지난 2015년 아시아나항공의 모회사였던 금호산업 인수전에 단독 응찰하며 항공업 진출을 시도한 바 있다. 당시 채권단과의 가격 이견으로 무산됐지만, 이후 리솜리조트와 퍼시픽랜드를 인수해 레저 사업을 확장했고 2022년 사모펀드 KCGI로부터 한진칼 지분을 사들이며 항공·레저 수직계열화를 추진했다. 주택 사업에 편중된 그룹의 포트폴리오를 바꿀 카드로 한진칼을 낙점했다는 평가다. 내년 3월 주총에서는 조 회장 측과 델타항공, 한국산업은행(10.58%) 등 우호 지분이 과반에 육박해 당장 경영권 확보가 쉽지 않다. 한진칼 시가총액이 적정 가치(3조3000억원 추산)를 웃도는 12조3000억원대까지 올라, 장내에서 지분 1%를 추가 확보하는 데 1230억원이 드는 점도 부담이다. 호반건설의 지난해 말 연결 현금 및 단기유동성 금융자산이 1조1916억원 수준이지만, 단기금융부채 역시 1년 새 679억원에서 5172억원으로 늘어 장내 매수를 지속하긴 어렵다. 결국 향후 승부처는 항공 산업 구조 개편이 끝난 뒤 시장에 나올 산업은행의 한진칼 지분 10.58%다. 대한항공은 올해 5월 아시아나항공 흡수합병을 결의한 데 이어 8월 12일 소규모합병 승인 이사회 결의를 완료하며 연말 통합 항공사 출범을 앞두고 있다. 내년 3월 저비용항공사(LCC) 3사 통합까지 마무리되면 산은이 지분을 보유할 정책적 명분은 사라지고 공적자금 회수 절차가 진행된다. 산은은 2020년 11월 체결한 투자합의서에 따라 의무 위반 시 5000억원의 위약벌을 부과할 담보로 조원태 회장의 한진칼 주식 385만8869주(약 5.78%)에 근질권을 설정해 두고 있으며, 유사시 조 회장 지분까지 묶어 제3자에게 팔 수 있는 동반매각요구권과 동반매도참여권을 보유하고 있다. 호반이 20%대 지분을 바탕으로 이사회에 진입해 경영에 관여하다가 향후 산은 지분 10.58% 인수전에 참여해 이를 확보할 경우, 지분율을 31% 이상으로 끌어올릴 수 있다. 건설업계 관계자는 "산은 지분 인수나 경영권 확보가 여의치 않더라도, 과거 대우건설·금호산업 사례에서 보듯 지분 가치를 높인 뒤 조 회장 측 우호 세력에게 경영권 프리미엄을 얹어 블록딜로 넘기는 출구 전략을 택할 수도 있다"고 설명했다. dosong@newspim.com 2026-11-06 15:07
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  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
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