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- Title
Asset Portfolios and Credit Rationing: Evidence from Kenya.
- Authors
Adam, Christopher S.
- 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.
- Subjects
KENYA; CREDIT; PRIVATE sector; ECONOMIC structure; ASSETS (Accounting); PRICE inflation
- Publication
Economica, 1999, Vol 66, Issue 261, p97
- ISSN
0013-0427
- Publication type
Article
- DOI
10.1111/1468-0335.00158