Asset portfolios and credit rationing: Evidence from Kenya

被引：5
|
作者：
Adam, CS [1 ]
机构：
[1] Univ Oxford St Cross Coll, Oxford OX1 3LZ, England
来源：
ECONOMICA | 1999年 / 66卷 / 261期
关键词：
D O I：
10.1111/1468-0335.00158
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper presents a model of the private sector's demand for financial and real assets in Kenya for the period 1973-90. The private sector is assumed to hold its wealth in terms of five assets but is quantity-rationed in the credit market. The model is estimated as a cointegrated demand system, based on the almost-ideal demand system of Deaton and Muellbauer (1980). The model highlights the role of real asset accumulation in offering a hedge against inflation and the role of credit rationing in the composition of wealth.
引用
收藏
页码：97 / 117
页数：21
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