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Testing liquidity constraints in 10 Asian developing countries: an error-correction model approach

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Author Info
Muzafar Shah Habibullah
Peter Smith
W. N. W. Azman-Saini

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Abstract

An error-correction model is used to estimate the fraction of consumers who are liquidity-constrained in 10 Asian developing countries. Our estimates of the fraction of consumers who are liquidity-constrained range between 0.25 and 0.98. We further investigate whether financial liberalization has resulted in the reduction of liquidity constraints in these countries. However, the results find support for this only in the cases of South Korea, Sri Lanka and Taiwan.

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Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 38 (2006)
Issue (Month): 21 (December)
Pages: 2535-2543
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Handle: RePEc:taf:applec:v:38:y:2006:i:21:p:2535-2543

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  1. Pesaran, M.H. & Shin, Y. & Smith, R.J., 1996. "Testing for the Existence of a Long-Run Relationship," Papers 9645, Institut National de la Statistique et des Etudes Economiques-.
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  2. Agell, Jonas & Berg, Lennart, 1996. " Does Financial Deregulation Cause a Consumption Boom?," Scandinavian Journal of Economics, Blackwell Publishing, vol. 98(4), pages 579-601, December.
  3. Breusch, Trevor S & Wickens, Michael R, 1987. "Dynamic Specification, the Long Run and the Estimation of Transformed Regression Models," CEPR Discussion Papers 154, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Pesaran, M.H. & Shin, Y., 1995. "An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis," Cambridge Working Papers in Economics 9514, Faculty of Economics, University of Cambridge.
  5. Mokhtari, M, 1994. "Testing for Liquidity Constraints among Households: An International Analysis," Empirical Economics, Springer, vol. 19(4), pages 709-15.
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