论文部分内容阅读
融资渠道如何对消费波动产生影响?来源于发达经济体的理论和证据表明更为广泛的家庭融资渠道将对消费起到推动作用。在新兴经济体中,消费通常比收入更具波动性,相关证据表明,金融改革将进一步提升消费相对产出的波动性。我们将在一个新兴经济体的模型框架中对这一难题进行探索。在这样的模型中,家庭面临着趋势增长率的冲击,其中一部分家庭承受财务上的约束,也无法获得金融服务。无约束的家庭可以通过将当前的消费提高至高于当前收入的增长,从而应对趋势增长的冲击。金融改
How can financing channels affect consumer volatility? The theory and evidence from developed economies show that a broader family financing channel will drive consumer spending. In emerging economies, consumption is usually more volatile than income, and evidence suggests that financial reforms will further increase the volatility of the relative output of consumption. We will explore this challenge in a model framework for an emerging economy. In such a model, households face the impact of the trend growth rate, some of whom are financially constrained and unable to access financial services. Unconstrained families can cope with the impact of rising trends by raising current spending above current income growth. Financial reform