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The Impact of Financial Deregulation in Greece on Consumption Patterns

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Abstract

The objective of this paper is to examine the impact of financial deregulation in Greece on the fraction of expenses on durables that can be financed through the financial sector. A theoretical asset-pricing model, in which expenses on non-durables and expenses on durables were explicitly introduced in the utility function, was employed. Through the methodology of GMM it was shown that the deregulation has significantly increased the percentage of financing expenses on durables through credit.

Suggested Citation

  • Apergis, Nicholas & Velentzas, Costas, 2002. "The Impact of Financial Deregulation in Greece on Consumption Patterns," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 55(3), pages 283-296.
  • Handle: RePEc:ris:ecoint:0178
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    More about this item

    Keywords

    Consumption; financial deregulation; asset-pricing model; Europe; Greece;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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