Liquidity-Constrained Households in an Italian Cross-Section

Tullio Jappelli () and Marco Pagano

No 257, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper attempts to evaluate the effects of capital market imperfections on consumer behavior, on the basis of cross-sectional Italian data. We evaluate the difference between desired and observed consumption using a technique proposed by Hayashi. We find that in Italy borrowing constraints are more severe than in the United States, and that they are more stringent for young households, non-home-owners, the unemployed and consumers living in the Southern regions.

Keywords: Borrowing; Capital Markets; Consumption; Italy; Liquidity Constraints (search for similar items in EconPapers)
Date: 1988-08
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