haku: @journal_id 649 / yhteensä: 172
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| Tekijä: | Girardin, E. |
| Otsikko: | Private consumption behavior, liquidity constraints and financial deregulation in France: a nonlinear analysis |
| Lehti: | Empirical Economics
2000 : VOL. 25:2, p. 351-368 |
| Asiasana: | CONSUMPTION CREDIT FINANCE |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the effect financial deregulation on consumption expenditure in France during the period 1970-1993. A nonlinear model for consumption which allows for liquidity constraints through a time-varying parameter dependent on a proxy for financial deregulation is estimated using nonlinear instrumental variables. It is concluded that in France financial deregulation has significantly reduced liquidity constraints faced by consumers, allowing a higher percentage of the population to smooth consumption over time. |
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