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Private Consumption Expenditure in the Eastern Caribbean Currency Union

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  • Sutherland, Richard
  • Craigwell, Roland

Abstract

This paper innovates by being the first to estimate a consumption function of a monetary union as a single entity. It is also the first empirical consumption research on the Eastern Caribbean Currency Union (ECCU). Due to the open nature of these nations it further adds to the literature by examining open economy variables like the terms of trade and the degree of export orientation. The panel dynamic least squares method employed indicates that private spending is primarily driven by income, financial wealth, the interest rate, terms of trade and the degree of export orientation.

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File URL: http://mpra.ub.uni-muenchen.de/40932/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40932.

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Date of creation: 2011
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Handle: RePEc:pra:mprapa:40932

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Related research

Keywords: Consumption function; panel dynamic OLS; monetary union;

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  1. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July.
  2. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
  3. Lee, Joong-Koon, 1971. "Exports and the Propensity to Save in L.D.C.s," Economic Journal, Royal Economic Society, vol. 81(322), pages 341-51, June.
  4. Breitung, Jorg, 2002. "Nonparametric tests for unit roots and cointegration," Journal of Econometrics, Elsevier, vol. 108(2), pages 343-363, June.
  5. Kaddour Hadri, 2000. "Testing for stationarity in heterogeneous panel data," Econometrics Journal, Royal Economic Society, vol. 3(2), pages 148-161.
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