期刊名称：Zbornik radova Ekonomskog fakulteta u Rijeci, Časopis za ekonomsku teoriju praksu
印刷版ISSN：1331-8004
出版年度：2013
卷号：31
期号：2
页码：193-207
语种：English
出版社：University of Rijeka Faculty of Economics
摘要：This paper aims to investigate stochastic properties of the consumption-income ratios in eleven central and eastern European (CEE) countries: Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. The heterogeneous panel unit root tests are used to account for cross-sectional dependence and the Modified Augmented Dickey-Fuller unit root test over the period March 1997 – September 2012. The half-lives are also calculated as to find the strong mean-reversion in the consumption income ratio for nine of eleven CEE economies; and the exceptions are Croatia and Slovenia. In other words, empirical findings provide significant support for the existence of hypothesis that the consumption-income ratio is a mean reversion. Accordingly, the policy implications have permanent effects on the consumption of households only in Croatia and Slovenia.
关键词：The consumption-income ratio; Central and eastern European economies; Panel unit root tests; Cross-sectional dependence; Half-life
