English, Article, Journal or magazine article edition: Financial Liberalisation and Consumption Behaviour Alison Tarditi; Adrian Blundell-Wignall; Frank Browne; ...

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Bookmark: http://trove.nla.gov.au/version/135323
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Financial Liberalisation and Consumption Behaviour
Author
  • Alison Tarditi
  • Adrian Blundell-Wignall
  • Frank Browne
  • Stefano Cavaglia
Physical Description
  • preprint
Notes
  • The paper addresses the question of whether financial liberalisation and innovation have significantly altered consumption behaviour by reducing liquidity constraints as capital markets have become more flexible. A consumption model in which the permanent income hypothesis and extreme Keynesian consumption functions are nested as special cases is the starting point for this analysis. Estimated values for the sensitivity of consumption to current income for different time periods and for several OECD countries are assessed and compared in the light of various econometric properties, country-specific liberalisation measures and a variety of proxies reflecting changing liquidity constraints.
  • RePEc:rba:rbardp:rdp9209
  • The paper addresses the question of whether financial liberalisation and innovation has significantly altered consumption behaviour by reducing liquidity constraints as capital markets become more flexible. A consumption model in which the permanent income hypothesis and extreme Keynesian consumption functions are nested as special cases is the starting point for this analysis. Estimated values for the sensitivity of consumption to current income for different time periods and for several OECD countries are assessed and compared in the light of various econometric properties, country specific liberalisation measures and a variety of proxies reflecting changing liquidity constraints ... Le présent document traite de la question de savoir si le processus de libéralisation et d'innovation financières, en réduisant les contraintes de liquidité du fait de la plus grande souplesse apportée au fonctionnement des marchés de capitaux, a modifié de façon significative les comportements relatifs à la consommation. Un modèle de consommation dans lequel l'hypothèse de revenu permanent et les fonctions de consommation purement Keynésiennes sont considérées comme des cas particuliers constitue le point de départ de la présente étude. Des valeurs estimées de la sensibilité de la consommation au revenu courant pour des périodes différentes et pour plusieurs pays de l'OCDE sont calculées et comparées à la lumière de plusieurs propriétés économétriques, des mesures de libéralisation spécifiques à chaque pays et de diverses variables indicatrices des modifications des contraintes de liquidité ...
  • RePEc:oec:ecoaaa:81-en
Language
  • English
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