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| Author: | Owen, P. D. |
| Title: | Testing for financial buffer stocks in sectorial portfolio models |
| Journal: | Review of Economics and Statistics
1990 : MAY, VOL. 72:2, p. 286-295 |
| Index terms: | FINANCIAL MANAGEMENT FINANCIAL MODELS PORTFOLIO MANAGEMENT EQUATIONS ASSETS AND LIABILITIES UNITED KINGDOM |
| Language: | eng |
| Abstract: | Empirical implementation of the buffer stock money (BSM) notion tends to concentrate either on the "shock absorber" or the "spillover" (disequilibrium money) aspects but rarely combines both. Moreover, a potential buffer role for non-money assets is usually precluded without explicit empirical testing. The role of financial buffers in an ex ante sectorial model of expenditure and portfolio behaviour incorporating both the shock absorber and spillover aspects is examined in terms of cross-equation parameter restrictions. These are tested for a range of different assets and liabilities using quarterly data for the UK personal sector. |
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