Asset Portfolios and Credit Rationing: Evidence from Kenya

Economica, 1999, vol. 66, issue 261, pages 97-117

Abstract: This paper presents a model of the private sector's demand for financial and real assets in Kenya for the period 1973--90. The private sector is assumed to hold its wealth in terms of five assets but is quantity-rationed in the credit market. The model is estimated as a cointegrated demand system, based on the almost-ideal demand system of A. Deaton and J. Muellbauer (1980). The model highlights the role of real asset accumulation in offering a hedge against inflation and the role of credit rationing in the composition of wealth. Copyright 1999 by The London School of Economics and Political Science

View citations in EconPapers

Downloads: (external link)
http://www.blackwell ... =261&year=&part=null link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0013-0427

Access Statistics for this article

Economica is edited by Frank Cowell, Tore Ellingsen and Alan Manning

More articles in Economica from London School of Economics and Political Science
Contact information at EDIRC.
Series data maintained by Christopher F. Baum ().