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The Household Response to the Mexican Peso Crisis

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David J. McKenzie

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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.

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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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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. Lopez-Acevedo, Gladys & Salinas, Angel, 2000. "How Mexico's financial crisis affected income distribution," Policy Research Working Paper Series 2406, The World Bank. [Downloadable!]
  2. Orazio P. Attanasio & Miguel Székely, 1998. "Household Savings and Income Distribution in Mexico," RES Working Papers 4152, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Martin Browning & Thomas F. Crossley, 2000. "Shocks, Stocks and Socks: Consumption Smoothing and the Replacement of Durables During an Unemployment Spell," Econometric Society World Congress 2000 Contributed Papers 0386, Econometric Society. [Downloadable!]
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  4. Verbeek, Marno & Nijman, Theo, 1993. "Minimum MSE estimation of a regression model with fixed effects from a series of cross-sections," Journal of Econometrics, Elsevier, vol. 59(1-2), pages 125-136, September. [Downloadable!] (restricted)
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  5. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. Frankenberg, E. & Thomas, D. & Beegle, K., 1999. "The Real Costs of Indonesia's Economic Crisis: Preliminary Findings from the Indonesia Family Life Surveys," Papers 99-04, RAND - Labor and Population Program.
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  8. Verbeek, Marno & Nijman, Theo, 1992. "Can Cohort Data Be Treated as Genuine Panel Data?," Empirical Economics, Springer, vol. 17(1), pages 9-23.
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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. Chinhui Juhn & Jim Airola, 2005. "Wage Inequality in Post-Reform Mexico," Working Papers 2005-01, Department of Economics, University of Houston. [Downloadable!]
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  2. David Mckenzie, 2002. "Are tortillas a Giffen Good in Mexico?," Economics Bulletin, Economics Bulletin, vol. 15, pages 1-7. [Downloadable!]
  3. David McKenzie, 2002. "Distangling Age, Cohort and Time Effects in the Additive Model," Working Papers 02009, Stanford University, Department of Economics. [Downloadable!]
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