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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w5991 |
来源ID | Working Paper 5991 |
Are Countries with Official International Restrictions \"Liquidity Constrained?\" | |
Karen K. Lewis | |
发表日期 | 1997-04-01 |
出版年 | 1997 |
语种 | 英语 |
摘要 | In this paper, I empirically examine consumption smoothing behavior across a broad group of countries using a unique data set that indicates whether residents in a country face an official government restriction. I then ask whether the ex ante consumption movements among restricted countries differ from those of unrestricted countries. To gauge the departure from standard consumption smoothing, I use the Campbell and Mankiw (1989, 1991) approach of regressing consumption growth on income growth and instrumenting with lagged variables. Interestingly, I find that consumption growth for residents in countries that impose international restrictions has a significantly higher coefficient on income growth than for residents in countries without those restrictions. Thus, a greater proportion of consumers facing international restrictions appear to act as though they are liquidity constrained according to the Campbell and Mankiw approach. I also discuss alternative interpretations that do not depend upon liquidity constraints. |
URL | https://www.nber.org/papers/w5991 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563495 |
推荐引用方式 GB/T 7714 | Karen K. Lewis. Are Countries with Official International Restrictions \"Liquidity Constrained?\". 1997. |
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w5991.pdf(1633KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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