On the Optimality of Consumption Across Canadian Provinces
AbstractThis paper tests for the optimality of consumption across Canadian provinces. The results indicate that consumption is highly integrated within the central and eastern core of the country, based around Ontario and Quebec. This is not true for provinces in the western half of the country, however, or for the most easterly province, Newfoundland. All of the provinces which fail the test for optimality are subject to large regional income disturbances. It is concluded that large enough disturbances can limit financial intermediation even when capital markets are highly integrated, as they are in Canada.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1030.
Date of creation: Oct 1994
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Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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- R22 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Other Demand
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- A. Scorcu, 1997. "Contiguita' territoriale e shock sul consumo nelle regioni italiane," Working Papers 277, Dipartimento Scienze Economiche, Universita' di Bologna.
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