Financial innovation and Consumption in the United Kingdom

Tamim Bayoumi

No 1990/095, IMF Working Papers from International Monetary Fund

Abstract: The last decade has seen widespread deregulation of domestic financial markets in the United Kingdom. This paper uses regional household data to investigate the connection between consumption and financial innovation. It is concluded that deregulation has led to a significant increase in the forward looking nature of consumption.

Keywords: WP; liquidity constraint; consumption behavior; cross-equation restriction; liquidity-constraint coefficient; coefficient estimate; financial deregulation; Consumption; Disposable income; Liquidity; Real interest rates; Income (search for similar items in EconPapers)
Pages: 26
Date: 1990-10-01
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Citations: View citations in EconPapers (7)

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