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Asset Portfolios and Credit Rationing: Evidence from Kenya

Christopher 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 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

Date: 1999
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Handle: RePEc:bla:econom:v:66:y:1999:i:261:p:97-117