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来源类型Working Paper
规范类型报告
DOI10.3386/w5991
来源IDWorking 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.
URLhttps://www.nber.org/papers/w5991
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/563495
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Karen K. Lewis. Are Countries with Official International Restrictions \"Liquidity Constrained?\". 1997.
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