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Real interest rates, liquidity constraints and financial deregulation : private consumption behavior in the U.K.

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Sarno, Lucio and Taylor, Mark P. (1998) Real interest rates, liquidity constraints and financial deregulation : private consumption behavior in the U.K. Journal of Macroeconomics, 20 (2). pp. 221-242. doi:10.1016/S0164-0704(98)00055-X

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Official URL: http://dx.doi.org/10.1016/S0164-0704(98)00055-X

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Abstract

We examine the effect of financial deregulation on consumption expenditure in the United Kingdom. A non-linear model for consumption which allows for liquidity constraints through a time-varying parameter dependent on a proxy for financial deregulation is estimated using non-linear instrumental variables. It is concluded that U.K. financial deregulation has significantly reduced liquidity constraints faced by consumers, allowing a higher percentage of the population to smooth consumption over time. The estimated path of the time-varying parameter, interpreted as the proportion of income going to liquidity-constrained households, is consistent with the process of U.K. financial deregulation.

Item Type: Journal Article
Divisions: Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: Journal of Macroeconomics
Publisher: Elsevier BV * North-Holland
ISSN: 0164-0704
Official Date: 1998
Dates:
DateEvent
1998Published
Volume: 20
Number: 2
Page Range: pp. 221-242
DOI: 10.1016/S0164-0704(98)00055-X
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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