Consumption in South America: myopia or liquidity constraints?

Economia Aplicada

Fábio Augusto Reis Gomes²  Lourenço Senne Paz¹ 

[1] ,Insper Institute

关键词: South America;    consumption;    permanent income;    liquidity constraints;    myopia;   

DOI  :  10.1590/S1413-80502010000200001

来源: SciELO

【 摘 要 】

In this paper, we consider Brazil, Colombia, Peru, and Venezuela for a study on aggregate consumption behavior, in which we test the life cycle-permanent income hypothesis prediction that consumption growth depends only on the interest rate. Nevertheless, our results suggest that in general predicted income is a relevant covariate. We checked for some possible reasons behind this result, namely liquidity constraints, myopia and perverse asymmetry. We found support for liquidity constrained consumers in Brazil and Colombia, and perverse asymmetry for Peru. Finally, the results were uninformative about consumption in Venezuela.

【 授权许可】

CC BY-NC   
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