Asset Portfolios and Credit Rationing: Evidence from Kenya

Christopher S. Adam

Economica, 1999, vol. 66, issue 261, 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 co‐integrated demand system, based on the almost‐ideal demand system of Deaton and 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.

Date: 1999
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://doi.org/10.1111/1468-0335.00158

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

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:econom:v:66:y:1999:i:261:p:97-117

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

Access Statistics for this article

Economica is currently 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.
Bibliographic data for series maintained by Wiley Content Delivery ().