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| Author: | Adam, C. |
| Title: | Asset portfolios and credit rationing: evidence from Kenya |
| Journal: | Economica
1999 : FEB, VOL. 66:261, p. 97-118 |
| Index terms: | Assets Portfolio management Credit rationing Africa |
| Language: | eng |
| Abstract: | This paper presents a model of the private sector's demand for financial and real assets in Kenya for the period 1973-90. The private sector is assumed to hold its wealth in terms of five assets but is quantity-rationed in the credit market. The model is estimated as a cointegrated demand system, based on the almost-ideal demand system of Deaton and Muellbauer (1980). The model highlights the role of real asset accumulation in offering a hedge against inflation and the role of credit rationing in the composition wealth. |
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