This paper examines the effect of financial deregulation on consumption expenditure in France during the period 1970 …-1993. A nonlinear model for consumption which allows for liquidity constraints through a time-varying parameter dependent on a … population to smooth consumption over time. Evidence is also provided that the intertemporal elasticity of substitution is not …

effects. I show that introducing credit in a general model of intertemporal consumption creates a boom in consumption and … reduces poverty initially, but eventually reduces mean consumption because credit substitutes for precautionary wealth. Using … new consistent consumption data that cover a much longer time period than most studies, my empirical findings show that …

How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that … greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more … volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. We …

recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence … of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between target and actual … wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model …

The empirical literature on household savings tends to treat savings simply as the residual of income minus consumption … smoothing consumption is also confirmed by the use of a system of equations in which both portfolio and production decisions are … buffering consumption. As an extension, we have explored the monthly ICRISAT panel data for the period 2009-2012 in the same …

improve their access to “credit”. Sustained program participation serves as “collateral” for households’ acquisition of … informal credit, leading to the improvement in economic security and poverty reduction. Using a three-round household panel … dataset in India in 2009-2012, we produce robust evidence that continuous participation in NREGS facilitates credit …

specified aggregate Euler equation for consumption. I develop a simple two-agent, dynamic general equilibrium model in which … home (collateral) values affect debt capacity and consumption possibilities for a fraction of the households. I then derive … and estimate an aggregate consumption Euler equation, and estimate its structural parameters. The results provide robust …

If some consumers are liquidity-constrained, aggregate consumption should be `excessively sensitive' to credit …, the United Kingdom, Japan and France, we find a substantial impact of credit aggregates on consumption in all countries … considered. Moreover, the borrowing/lending wedge is a significant determinant of consumption in the United States, Canada and …