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Tekijä:Jappelli, T.
Pistaferri, L.
Otsikko:Financial integration and consumption smoothing
Lehti:Economic Journal
2011 : JUN, VOL. 121:553 p. 678-706
Asiasana:household economics
microeconomics
financial markets
liberalization
Italy
incomes
Kieli:eng
Tiivistelmä: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.
SCIMA tietueen numero: 273426
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