Credit constraints, productivity shocks and consumption volatility in emerging economies /:
"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 fu...
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| Hauptverfasser: | , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2013.
|
| Schriftenreihe: | IMF working paper ;
WP/13/120. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "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 address this puzzle in the framework of an emerging economy model in which households face shocks to trend growth rate, and a fraction of them are credit constrained. Unconstrained households can respond to shocks to trend growth by raising current consumption more than rise in current income. Financial reform increases the share of such households, leading to greater relative consumption volatility. Calibration of the model for pre and post financial reform in India provides support for the model's key predictions"--Abstract |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed July 1, 2013). "Research Department." "May 2013." |
| Beschreibung: | 1 online resource (33 pages) |
| Bibliographie: | Includes bibliographical references (pages 31-32). |
| ISBN: | 9781484319161 1484319168 9781484325988 1484325982 1484365682 9781484365687 |
Internformat
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| 100 | 1 | |a Bhattacharya, Rudrani, |e author. | |
| 245 | 1 | 0 | |a Credit constraints, productivity shocks and consumption volatility in emerging economies / |c Rudrani Bhattacharya and Ila Patnaiky. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2013. | ||
| 300 | |a 1 online resource (33 pages) | ||
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| 490 | 1 | |a IMF working paper ; |v WP/13/120 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed July 1, 2013). | ||
| 500 | |a "Research Department." | ||
| 500 | |a "May 2013." | ||
| 520 | |a "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 address this puzzle in the framework of an emerging economy model in which households face shocks to trend growth rate, and a fraction of them are credit constrained. Unconstrained households can respond to shocks to trend growth by raising current consumption more than rise in current income. Financial reform increases the share of such households, leading to greater relative consumption volatility. Calibration of the model for pre and post financial reform in India provides support for the model's key predictions"--Abstract | ||
| 504 | |a Includes bibliographical references (pages 31-32). | ||
| 505 | 0 | |a Cover; Contents; Introduction; Consumption volatility and Financial development; Table 1 Relative consumption volatility: Selected emerging economies; Tables; Table 2 Access to finance; Credit constraints and consumption volatility: Theoretical framework; Figures; Figure 1 Financial development; 3.1 The model; 3.2 Predictions; Case study; 4.1 Evidence for India; Figure 2 Financial development in India; Table 3 Business cycle stylised facts for the Indian economy in the pre and post reform period; Figure 3 Trend in relative consumption volatility; 4.2 Calibration. | |
| 505 | 8 | |a 4.2.1 Shock process in the total factor productivity seriesTable 4 Benchmark parameter values; Table 5 Sectoral shares of factors of production; 4.2.2 Shock process in the growth of labour productivity; 4.3 Effect of Financial development on relative consumption volatility; Table 6 Business cycle volatilities from the simulated model; Table 7 Business cycle correlation and persistence from the simulated model; Figure 4 Actual and simulated cycles; 4.4 Sensitivity to the measure of financial development; Table 8 Sensitivity analysis with respect to the nancial development parameter. | |
| 505 | 8 | |a Table 9 Sensitivity analysis with respect to the nancial development parameterConclusion; Appendixes; Appendix I; Table 10 Data span for gdp and consumption expenditure: Emerging economies; Appendix II; B.1 Solution of the log-linearised system of equations using method of Undetermined coefficients; B.2 Proof of Proposition 1.(i); B.3 Proof of Proposition 1.(ii); Table 11 Relative consumption volatility under transitory income shock; B.4 Proof of Proposition 1.(iii); Table 12 Relative consumption volatility under permanent income shock; B.5 Proof of Proposition 1.(iv). | |
| 650 | 0 | |a Credit |z Developing countries |x Econometric models. | |
| 650 | 0 | |a Consumption (Economics) |z Developing countries |x Econometric models. | |
| 650 | 0 | |a Finance |z Developing countries |x Econometric models. | |
| 650 | 7 | |a Consumption (Economics) |x Econometric models |2 fast | |
| 650 | 7 | |a Credit |x Econometric models |2 fast | |
| 650 | 7 | |a Finance |x Econometric models |2 fast | |
| 651 | 7 | |a Developing countries |2 fast | |
| 700 | 1 | |a Patnaiky, Ila, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department, |e issuing body. | |
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| author | Bhattacharya, Rudrani Patnaiky, Ila |
| author_facet | Bhattacharya, Rudrani Patnaiky, Ila |
| author_role | aut aut |
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| contents | Cover; Contents; Introduction; Consumption volatility and Financial development; Table 1 Relative consumption volatility: Selected emerging economies; Tables; Table 2 Access to finance; Credit constraints and consumption volatility: Theoretical framework; Figures; Figure 1 Financial development; 3.1 The model; 3.2 Predictions; Case study; 4.1 Evidence for India; Figure 2 Financial development in India; Table 3 Business cycle stylised facts for the Indian economy in the pre and post reform period; Figure 3 Trend in relative consumption volatility; 4.2 Calibration. 4.2.1 Shock process in the total factor productivity seriesTable 4 Benchmark parameter values; Table 5 Sectoral shares of factors of production; 4.2.2 Shock process in the growth of labour productivity; 4.3 Effect of Financial development on relative consumption volatility; Table 6 Business cycle volatilities from the simulated model; Table 7 Business cycle correlation and persistence from the simulated model; Figure 4 Actual and simulated cycles; 4.4 Sensitivity to the measure of financial development; Table 8 Sensitivity analysis with respect to the nancial development parameter. Table 9 Sensitivity analysis with respect to the nancial development parameterConclusion; Appendixes; Appendix I; Table 10 Data span for gdp and consumption expenditure: Emerging economies; Appendix II; B.1 Solution of the log-linearised system of equations using method of Undetermined coefficients; B.2 Proof of Proposition 1.(i); B.3 Proof of Proposition 1.(ii); Table 11 Relative consumption volatility under transitory income shock; B.4 Proof of Proposition 1.(iii); Table 12 Relative consumption volatility under permanent income shock; B.5 Proof of Proposition 1.(iv). |
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| discipline | Wirtschaftswissenschaften |
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| id | ZDB-4-EBU-ocn851394494 |
| illustrated | Illustrated |
| indexdate | 2024-11-26T14:49:10Z |
| institution | BVB |
| isbn | 9781484319161 1484319168 9781484325988 1484325982 1484365682 9781484365687 |
| language | English |
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| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Bhattacharya, Rudrani, author. Credit constraints, productivity shocks and consumption volatility in emerging economies / Rudrani Bhattacharya and Ila Patnaiky. [Washington, D.C.] : International Monetary Fund, ©2013. 1 online resource (33 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/13/120 Title from PDF title page (IMF Web site, viewed July 1, 2013). "Research Department." "May 2013." "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 address this puzzle in the framework of an emerging economy model in which households face shocks to trend growth rate, and a fraction of them are credit constrained. Unconstrained households can respond to shocks to trend growth by raising current consumption more than rise in current income. Financial reform increases the share of such households, leading to greater relative consumption volatility. Calibration of the model for pre and post financial reform in India provides support for the model's key predictions"--Abstract Includes bibliographical references (pages 31-32). Cover; Contents; Introduction; Consumption volatility and Financial development; Table 1 Relative consumption volatility: Selected emerging economies; Tables; Table 2 Access to finance; Credit constraints and consumption volatility: Theoretical framework; Figures; Figure 1 Financial development; 3.1 The model; 3.2 Predictions; Case study; 4.1 Evidence for India; Figure 2 Financial development in India; Table 3 Business cycle stylised facts for the Indian economy in the pre and post reform period; Figure 3 Trend in relative consumption volatility; 4.2 Calibration. 4.2.1 Shock process in the total factor productivity seriesTable 4 Benchmark parameter values; Table 5 Sectoral shares of factors of production; 4.2.2 Shock process in the growth of labour productivity; 4.3 Effect of Financial development on relative consumption volatility; Table 6 Business cycle volatilities from the simulated model; Table 7 Business cycle correlation and persistence from the simulated model; Figure 4 Actual and simulated cycles; 4.4 Sensitivity to the measure of financial development; Table 8 Sensitivity analysis with respect to the nancial development parameter. Table 9 Sensitivity analysis with respect to the nancial development parameterConclusion; Appendixes; Appendix I; Table 10 Data span for gdp and consumption expenditure: Emerging economies; Appendix II; B.1 Solution of the log-linearised system of equations using method of Undetermined coefficients; B.2 Proof of Proposition 1.(i); B.3 Proof of Proposition 1.(ii); Table 11 Relative consumption volatility under transitory income shock; B.4 Proof of Proposition 1.(iii); Table 12 Relative consumption volatility under permanent income shock; B.5 Proof of Proposition 1.(iv). Credit Developing countries Econometric models. Consumption (Economics) Developing countries Econometric models. Finance Developing countries Econometric models. Consumption (Economics) Econometric models fast Credit Econometric models fast Finance Econometric models fast Developing countries fast Patnaiky, Ila, author. International Monetary Fund. Research Department, issuing body. IMF working paper ; WP/13/120. FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1256074 Volltext |
| spellingShingle | Bhattacharya, Rudrani Patnaiky, Ila Credit constraints, productivity shocks and consumption volatility in emerging economies / IMF working paper ; Cover; Contents; Introduction; Consumption volatility and Financial development; Table 1 Relative consumption volatility: Selected emerging economies; Tables; Table 2 Access to finance; Credit constraints and consumption volatility: Theoretical framework; Figures; Figure 1 Financial development; 3.1 The model; 3.2 Predictions; Case study; 4.1 Evidence for India; Figure 2 Financial development in India; Table 3 Business cycle stylised facts for the Indian economy in the pre and post reform period; Figure 3 Trend in relative consumption volatility; 4.2 Calibration. 4.2.1 Shock process in the total factor productivity seriesTable 4 Benchmark parameter values; Table 5 Sectoral shares of factors of production; 4.2.2 Shock process in the growth of labour productivity; 4.3 Effect of Financial development on relative consumption volatility; Table 6 Business cycle volatilities from the simulated model; Table 7 Business cycle correlation and persistence from the simulated model; Figure 4 Actual and simulated cycles; 4.4 Sensitivity to the measure of financial development; Table 8 Sensitivity analysis with respect to the nancial development parameter. Table 9 Sensitivity analysis with respect to the nancial development parameterConclusion; Appendixes; Appendix I; Table 10 Data span for gdp and consumption expenditure: Emerging economies; Appendix II; B.1 Solution of the log-linearised system of equations using method of Undetermined coefficients; B.2 Proof of Proposition 1.(i); B.3 Proof of Proposition 1.(ii); Table 11 Relative consumption volatility under transitory income shock; B.4 Proof of Proposition 1.(iii); Table 12 Relative consumption volatility under permanent income shock; B.5 Proof of Proposition 1.(iv). Credit Developing countries Econometric models. Consumption (Economics) Developing countries Econometric models. Finance Developing countries Econometric models. Consumption (Economics) Econometric models fast Credit Econometric models fast Finance Econometric models fast |
| title | Credit constraints, productivity shocks and consumption volatility in emerging economies / |
| title_auth | Credit constraints, productivity shocks and consumption volatility in emerging economies / |
| title_exact_search | Credit constraints, productivity shocks and consumption volatility in emerging economies / |
| title_full | Credit constraints, productivity shocks and consumption volatility in emerging economies / Rudrani Bhattacharya and Ila Patnaiky. |
| title_fullStr | Credit constraints, productivity shocks and consumption volatility in emerging economies / Rudrani Bhattacharya and Ila Patnaiky. |
| title_full_unstemmed | Credit constraints, productivity shocks and consumption volatility in emerging economies / Rudrani Bhattacharya and Ila Patnaiky. |
| title_short | Credit constraints, productivity shocks and consumption volatility in emerging economies / |
| title_sort | credit constraints productivity shocks and consumption volatility in emerging economies |
| topic | Credit Developing countries Econometric models. Consumption (Economics) Developing countries Econometric models. Finance Developing countries Econometric models. Consumption (Economics) Econometric models fast Credit Econometric models fast Finance Econometric models fast |
| topic_facet | Credit Developing countries Econometric models. Consumption (Economics) Developing countries Econometric models. Finance Developing countries Econometric models. Consumption (Economics) Econometric models Credit Econometric models Finance Econometric models Developing countries |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1256074 |
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