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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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Publisher Info
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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Johansen, S., 1991. "Testing Weak Exogeneity and the Order of Cointegration in UK Money Demand Data," Papers 78, Helsinki - Department of Economics.
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  2. Bayoumi, Tamim, 1993. "Financial Deregulation and Household Saving," Economic Journal, Royal Economic Society, vol. 103(421), pages 1432-43, November. [Downloadable!] (restricted)
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  3. Nickell, Stephen, 1985. "Error Correction, Partial Adjustment and All That: An Expository Note," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 47(2), pages 119-29, May.
  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.
  6. Pesaran, M. H. & Shin, Y. & Smith, R. J., 1996. "Testing for the 'Existence of a Long-run Relationship'," Cambridge Working Papers in Economics 9622, Faculty of Economics, University of Cambridge.
  7. 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.
  8. 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)
  9. Muellbauer, John, 1994. "The Assessment: Consumer Expenditure," Oxford Review of Economic Policy, Oxford University Press, vol. 10(2), pages 1-41, Summer.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Meral Karasulu, 2008. "StressTesting Household Debt in Korea," IMF Working Papers 08/255, International Monetary Fund. [Downloadable!]
  2. Quaas, Georg, 2008. "Das Problem der Spezifikation einer Konsumfunktion im Rahmen der VGR 2005
    [The specification problem of the consumption function in the framework of the NIA-system 2005]    ," MPRA Paper 18497, University Library of Munich, Germany, revised 09 Nov 2009. [Downloadable!]
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