A note on private sector asset portfolios in developing economies: econometric estimates from the Kenyan economy

Christopher S. Adam

No 1996-01, CSAE Working Paper Series from Centre for the Study of African Economies, University of Oxford

Abstract: This paper provides a set of benchmark estimates of the private sector's income and price elasticities of demand for the asset market components of this class of AGE models calibrated for low-income developing economies. The results presented in this paper are based on the estimation of a cointegrated asset demand system for Kenya, where the private sector is assumed to hold its wealth in terms of five assets and one liability. The estimating model is based on the almost-ideal demand system developed by Deaton and Muellbauer (1980) and is estimated on quarterly data for the period from 1970 to 1990.

Keywords: Asset Portfolios; Developing Country Computable General Equilibirum Models; Applied Econometrics (search for similar items in EconPapers)
JEL-codes: G1 O11 O41 (search for similar items in EconPapers)
Date: 1996
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Published in Economica, 1998

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