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  • 标题:The stationarity of consumption-income ratios: evidence from South American countries
  • 本地全文:下载
  • 作者:Gomes, Fábio Augusto Reis ; Franchini, Douglas de Souza
  • 期刊名称:Economia Aplicada
  • 印刷版ISSN:1413-8050
  • 电子版ISSN:1980-5330
  • 出版年度:2009
  • 卷号:13
  • 期号:4
  • 页码:463-479
  • DOI:10.1590/S1413-80502009000400006
  • 语种:English
  • 出版社:Economia Aplicada
  • 摘要:

    This paper analyzes the order of integration of the consumption-income ratio in 10 South American countries. To do this, the individual ADF test, its panel versions and theMinimumLMunit root test with structural break(s) were employed. While the former tests found more favorable evidence of an integrated process, after controlling for structural breaks only Uruguay seems to be integrated. Thus, in general, the consumption-income ratio was diagnosed as a stationary process, as suggested by the relative income hypothesis, the habit persistence model, the permanent income hypothesis and the life cycle hypothesis.

  • 其他关键词:Consumption-income ratio;unit root tests;structural break;South America
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