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首页> 外文期刊>Journal of Economic Dynamics and Control >How does the sensitivity of consumption to income vary over time? International evidence
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How does the sensitivity of consumption to income vary over time? International evidence

机译：消费对收入的敏感性如何随时间变化？国际证据

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This paper studies how the sensitivity of consumption to income has changed over time as the degree of financial integration has risen. In standard theory, greater financial integration facilitates international borrowing and lending, helping to reduce the sensitivity of consumption growth to fluctuations in income. We examine the empirical validity of this prediction using an array of indicators of financial integration for a large sample of advanced and developing countries over the period 1960-2011. We report two main results. First, the sensitivity of consumption to income has declined over time as the degree of financial integration has risen. The decline has been more pronounced in advanced economies than in developing ones. Second, our regression analysis indicates that a higher degree of financial integration is associated with a lower sensitivity of consumption to income. This finding is robust to the use of a wide range of empirical specifications, country-specific characteristics and other controls, such as interest rates and outcome-based measures of financial integration. We also discuss other potential sources of the temporal changes in the sensitivity of consumption to income. (C) 2016 Elsevier B.V. All rights reserved.
机译：本文研究了随着金融一体化程度的提高，消费对收入的敏感性如何随时间变化。按照标准理论，加强金融一体化有利于国际借贷，有助于降低消费增长对收入波动的敏感性。我们使用一系列金融一体化指标对1960-2011年间大量先进国家和发展中国家进行的金融整合指标检验了这一预测的经验有效性。我们报告了两个主要结果。首先，随着金融一体化程度的提高，消费对收入的敏感性随着时间的推移而下降。与发达经济体相比，发达经济体的下降更为明显。其次，我们的回归分析表明，金融一体化程度越高，消费对收入的敏感性越低。这一发现对于使用广泛的经验指标，针对特定国家的特征和其他控制措施（例如利率和基于结果的金融一体化指标）的使用是可靠的。我们还讨论了消费对收入敏感性的时间变化的其他潜在来源。 （C）2016 Elsevier B.V.保留所有权利。

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