You are here

TÜKETİM-GELİR ORANI GÜNEYDOĞU ASYA ÜLKELERİNDE DURAĞAN MI?: PANEL BİRİM KÖK TESTİ

IS THE CONSUMPTION-INCOME RATIO STATIONARY IN SOUTHEAST ASIA COUNTRIES ?: PANEL UNIT ROOT TEST

Journal Name:

Publication Year:

DOI: 
http://dx.doi.org/ 10.11611 /JMER208
Abstract (2. Language): 
This paper investigates the stochastic properties of the consumption–income ratio for a sample of 9 Southeast Asia countries (Bruney, Endonezya, Filipinler, Kamboçya, Laos, Malezya, Singapur, Tayland ve Vietnam) over the period 1970-2010. For that purpose, we employ panel LM unit root test proposed by Im et al. (2005). Our findings suggest that, the consumption–income ratio is stationary in all of the countries. Thus, average propensity to consume converges towards a constant in the long run and shocks does not make permanent effect. These results supportes the relative income hypothesis, the permanent income hypothesis and the life cycle hypothesis.
Abstract (Original Language): 
Bu çalışmada 9 Güneydoğu Asya ülkesi için (Bruney, Endonezya, Filipinler, Kamboçya, Laos, Malezya, Singapur, Tayland ve Vietnam) 1970-2010 dönemine ait tüketim-gelir oranının stokastik özellikleri incelenmiştir. Bu amaçla Im vd.(2005)’nin geliştirmiş olduğu panel LM birim kök testleri kullanılmış ve tüketim-gelir oranının söz konusu ülkeler için durağan olduğu sonucuna ulaşılmıştır. Bu sonuç, ortalama tüketim eğiliminin uzun dönemde bir sabite yakınsamadığını ve şokların geçici etkiye sahip olduğunu göstermektedir. Çalışmada elde edilen sonuçlar nispi gelir hipotezi, sürekli gelir hipotezi ve yaşam boyu gelir hipotezlerini desteklemektedir.
130
139

JEL Codes:

REFERENCES

References: 

Ando, A., Modigliani, F. (1963) “The life-Cycle Hypothesis of Saving: Aggregate Implications and tests”, American Economic Review, 53:55–84.
Cerrato, M., De Peretti, C. ve Stewart, C. ( 2013) “Is The Consumption–Income Ratio Stationary? Evidence From Linear And Non-Linear Panel Unit Root Tests For OECD And Non-OECD Countries”, http://www.gla.ac.uk/media/media_95523_en.pdf , (05.06.2013)
Cerrato, M., C. de Peretti ve Stewart, C. (2008) “Is The Consumption-Income Ratio Stationary? Evidence From A Nonlinear Panel Unit Root Test For OECD And Non- OECD Countries.” Discussion Paper 2008-27, Department of Economics, University of Glasgow.
Cook, S. (2005) “The Stationarity Of Consumption–Income Ratios: Evidence From Minimum Lm Unit Root Testing.” Applied Economics Letters, 89: 55–60.
Davidson, J. E. H., Hendry, D. F, Sbra, F. ve Yeo, S. (1978) "Econometric Modelling of the Aggregate Time-Series Relationship Between Consumers' Expenditure and Income in the United Kingdom", Economic Journal, 80: 661– 692.
Deaton, A.S., (1977) “Involuntary Saving Through Unanticipated Inflation”, American Economic Review, 6: 899–910.
Drobny, A. ve Hall, S.G. (1989) “An Investigation Of The Long-Run Properties of Aggregate Non-Durable Consumers’ Expenditure in the United Kingdom”, Economic Journal, 99:454–460.
Duesenberry, J. S. (1949) “Income, Saving And The Theory Of Consumer Behavior”, Cambridge: Harvard University Pres.
Friedman, M., (1957) “A Theory of the Consumption Function”, Princeton University Press, Princeton, NJ
Fallahi, F. (2012) “The stationarity of consumption–income ratios: Evidence from bootstrapping confidence intervals”, Economics Letters, 115:137–140.
Gomes, F. A. R. ve Franchini, D. D.S. (2009) “The Statinarity Of Consumption-Income Ratios: Evidence From South American Countries”, Economia Aplicada, 13(4): 463-479.
Hadjimatheou, G. (1987). “Consumer Economics After Keynes: Theory and Evidence Of The Consumption Function”, Sussex: Wheatsheaf Books.
Yönetim ve Ekonomi Araştırmaları Dergisi – Sayı:21 (2013) - Doi: http://dx.doi.org/10.11611/JMER208
139
Hall, S.G. ve Patterson, K.D., (1992) “A Systems Approach to The Relationship Between Consumption and Wealth”, Applied Economics, 24: 1165–1171.
Horioka, C.Y. (1997) “A Cointegration Analysis Of The Impact of The Age Structure of The Population On The Household Saving Rate in Japan”, Review of Economics and Statistics, 79: 511–515
Im, K.S., Pesaran, H.M. ve Shin, Y. (1997) “Testing For Unit Roots in Heterogeneous Panels” Mimeo, Department of Applied Economics, University of Cambridge.
Im, K.S., Lee, J. ve Tieslau, M. (2005) “Panel LM Unit Root Tests with Level Shifts” Oxford Bulletin of Economics and Statistics 67: 393–419.
Keynes, J. M. (1936) “The General Theory of Employment, Interest And Money” London: MacMillan,
King, R.G., Plosser, C.I., Stock, J.H. ve Watson, M.W. (1991) “Stochastic Trends And Economic Fluctuations”, American Economic Review, 81: 819–840.
Lee, J., ve Strazicich, M. C. (2003) “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85:1082-1089.
Lee, J., ve Strazicich, M. C. (2004) “Minimum LM Unit Root Test with One Structural Break”, Working Papers 04-17, Department of Economics, Appalachian State University.
Molana, H. (1991) “The Time Series Consumption Function: Error Correction, Random Walk And The Steady State”, Economic Journal, 101: 382–403.
Romero-Ávila, D. (2009) “Are OECD Consumption–Income Ratios Stationary After all?”, Economic Modelling, 26: 107–117.
Sarantis, N. ve Stewart, C. (1999) “Is the Consumption–Income Ratio Stationary? Evidence from panel unit root tests”, Economics Letters, 64: 309–314
Taylor, M.P. ve Sarno, L. (1998) “The Behaviour of Real Exchange Rates During The Post-Bretton Woods Period”, Journal of International Economics, 46: 281–312.
Tsionas, E., ve D. Christopoulos (2002) “Non-Sationarity In The Consumption-Income Ratio: Further Evidence From Panel And Asymmetric Unit Root Tests”, Economics Bulletin, 3: 1–5.
Ungern-Sternberg, T.V. (1986) “Inflation and the Consumption Function”, Weltwirtschaftliches Archiv 122:741–744.

Thank you for copying data from http://www.arastirmax.com