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Consumption and liquidity constraints in Australia and East Asia: does financial integration matter?

de Brouwer, Gordon


One of the recurring themes in the literature on financial systems is whether financial integration – that is, openness in the domestic and international financial system – has real, structural economic effects. This paper examines the effect of financial openness on the consumption of non-durables in Australia and selected East Asian economies. A range of variables, some of which explicitly represent financial regulation, are used to proxy the shadow price of the liquidity constraint....[Show more]

CollectionsANU Research Publications
Date published: 1996
Type: Working/Technical Paper


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