Consumption in South America: myopia or liquidity constraints?

Detalhes bibliográficos
Autor(a) principal: Gomes, Fábio Augusto Reis
Data de Publicação: 2010
Outros Autores: Paz, Lourenço Senne
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Economia Aplicada
Texto Completo: https://www.revistas.usp.br/ecoa/article/view/1041
Resumo: 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.
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spelling Consumption in South America: myopia or liquidity constraints?South Americaconsumptionpermanent incomeliquidity constraintsmyopiaIn 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.Universidade de São Paulo, FEA-RP/USP2010-06-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/104110.1590/S1413-80502010000200001Economia Aplicada; Vol. 14 No. 2 (2010); 129-145Economia Aplicada; Vol. 14 Núm. 2 (2010); 129-145Economia Aplicada; v. 14 n. 2 (2010); 129-1451980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPenghttps://www.revistas.usp.br/ecoa/article/view/1041/1053Copyright (c) 2015 Economia Aplicadainfo:eu-repo/semantics/openAccessGomes, Fábio Augusto ReisPaz, Lourenço Senne2016-02-03T16:59:41Zoai:revistas.usp.br:article/1041Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-09-13T12:16:55.902831Economia Aplicada - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Consumption in South America: myopia or liquidity constraints?
title Consumption in South America: myopia or liquidity constraints?
spellingShingle Consumption in South America: myopia or liquidity constraints?
Gomes, Fábio Augusto Reis
South America
consumption
permanent income
liquidity constraints
myopia
title_short Consumption in South America: myopia or liquidity constraints?
title_full Consumption in South America: myopia or liquidity constraints?
title_fullStr Consumption in South America: myopia or liquidity constraints?
title_full_unstemmed Consumption in South America: myopia or liquidity constraints?
title_sort Consumption in South America: myopia or liquidity constraints?
author Gomes, Fábio Augusto Reis
author_facet Gomes, Fábio Augusto Reis
Paz, Lourenço Senne
author_role author
author2 Paz, Lourenço Senne
author2_role author
dc.contributor.author.fl_str_mv Gomes, Fábio Augusto Reis
Paz, Lourenço Senne
dc.subject.por.fl_str_mv South America
consumption
permanent income
liquidity constraints
myopia
topic South America
consumption
permanent income
liquidity constraints
myopia
description 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.
publishDate 2010
dc.date.none.fl_str_mv 2010-06-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/1041
10.1590/S1413-80502010000200001
url https://www.revistas.usp.br/ecoa/article/view/1041
identifier_str_mv 10.1590/S1413-80502010000200001
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/1041/1053
dc.rights.driver.fl_str_mv Copyright (c) 2015 Economia Aplicada
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2015 Economia Aplicada
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
dc.source.none.fl_str_mv Economia Aplicada; Vol. 14 No. 2 (2010); 129-145
Economia Aplicada; Vol. 14 Núm. 2 (2010); 129-145
Economia Aplicada; v. 14 n. 2 (2010); 129-145
1980-5330
1413-8050
reponame:Economia Aplicada
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Economia Aplicada
collection Economia Aplicada
repository.name.fl_str_mv Economia Aplicada - Universidade de São Paulo (USP)
repository.mail.fl_str_mv ||revecap@usp.br
_version_ 1800221694621646848

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