The Demand for Financial Assets Held in the U.K. by the Overseas Sector: An Application of Two-Stage Budgeting
AbstractThe authors model the portfolio choice between net sterling deposits, U.K. company securities, U.K. long-term government securities, and net foreign currency deposits held by the overseas sector in the United Kingdom. The authors assume the overseas sector uses two-stage budgetting whereby wealth is first distributed between total foreign and total sterling assets and then the latter are distributed across the three sterling assets. The long-run equations are based on the AIDS model and dynamics are modeled using an interdependent error-feedback model. The estimated model satisfies the theoretical restrictions of long-run homogeneity, symmetry, and homotheticity. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 62 (1994)
Issue (Month): 1 (March)
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- Chris Allen & Katerina Smidkova, 2004.
"Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy,"
- Chris Allen & Katerina Smidkova, 2003. "Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy," Macroeconomics 0303013, EconWPA.
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