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The Household Response to the Mexican Peso Crisis

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  • David J. McKenzie

Abstract

November 2001 Household expenditure surveys are used to examine the effects of the Mexican peso crisis on household consumption and employment. The crisis is seen to have caused income and consumption to decline for all groups of society, although the relative impact differed by the education, industry and residence of the household head. The main smoothing mechanism was a change in the composition of consumption. Households are shown to have increased their expenditure share on certain food items even more than Engel’s law would predict, reducing their expenditure on luxury goods in order to do so. Labour supply is not found to have responded strongly to the crisis. Working Papers Index

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Paper provided by Stanford University, Department of Economics in its series Working Papers with number 01017.

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Date of creation: Nov 2001
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Handle: RePEc:wop:stanec:01017

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  1. Orazio P. Attanasio & Miguel Székely, 1998. "Household Savings and Income Distribution in Mexico," Research Department Publications 4152, Inter-American Development Bank, Research Department.
  2. Browning, M. & Crossley, T., 1999. "Shocks, Stocks and Socks: Consumption Smoothing and the Replacement of Durables During an Unemployment Spell," Papers 376, Australian National University - Department of Economics.
  3. Nijman, T.E. & Verbeek, M.J.C.M., 1993. "Minimum MSE estimation of a regression model with fixed effects from a series of cross sections," Open Access publications from Tilburg University urn:nbn:nl:ui:12-153277, Tilburg University.
  4. Lopez-Acevedo, Gladys & Salinas, Angel, 2000. "How Mexico's financial crisis affected income distribution," Policy Research Working Paper Series 2406, The World Bank.
  5. Verbeek, Marno & Nijman, Theo, 1992. "Can Cohort Data Be Treated as Genuine Panel Data?," Empirical Economics, Springer, vol. 17(1), pages 9-23.
  6. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  7. Elizabeth Frankenberg & Duncan Thomas & Kathleen Beegle, 1999. "The Real Costs of Indonesian Economic Crisis: Preliminary Findings from the Indonesia Family Life Surveys," Working Papers 99-04, RAND Corporation Publications Department.
  8. James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 527-539, November.
  9. David J. Mckenzie, 2002. "The Prudence of Mexican Consumers," Economia Mexicana NUEVA EPOCA, , vol. 0(2), pages 393-407, July-Dece.
  10. Craig Burnside & Klaus Schmidt-Hebbel & Luis Servén, 1999. "Saving in Mexico: The National and International Evidence," Economia Mexicana NUEVA EPOCA, , vol. 0(2), pages 181-230, July-Dece.
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Cited by:
  1. David Mckenzie, 2002. "Are tortillas a Giffen Good in Mexico?," Economics Bulletin, AccessEcon, vol. 15(1), pages 1-7.
  2. David McKenzie, 2002. "Distangling Age, Cohort and Time Effects in the Additive Model," Working Papers 02009, Stanford University, Department of Economics.
  3. Jim Airola & Chinhui Juhn, 2008. "Wage Inequality in Post-Reform Mexico," Journal of Income Distribution, Journal of Income Distribution, vol. 17(1), pages 110-134, March.
  4. repec:ebl:ecbull:v:15:y:2002:i:1:p:1-7 is not listed on IDEAS

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