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| Author: | Jappelli, T. Pistaferri, L. |
| Title: | Financial integration and consumption smoothing |
| Journal: | Economic Journal
2011 : JUN, VOL. 121:553 p. 678-706 |
| Index terms: | household economics microeconomics financial markets liberalization Italy incomes |
| Language: | eng |
| Abstract: | This paper provides a test whether financial integration improves household consumption smoothing using microeconomic data. It is found that the process of financial market integration and liberalization brought about by the introduction of the euro has not affected the sensitivity of consumption with respect to income shocks in Italy. A significant contribution from a methodological view is also made, because the presented procedure does not require that consumption and income are available in the same panel data set. Thus, it can be applied in all countries in which repeated cross-sectional consumption data can be combined with panel data on income. |
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