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Testing liquidity constraints in 10 Asian developing countries: an error-correction model approach

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An error-correction model is used to estimate the fraction of consumers who are liquidity-constrained in 10 Asian developing countries. Our estimates of the fraction of consumers who are liquidity-constrained range between 0.25 and 0.98. We further investigate whether financial liberalization has resulted in the reduction of liquidity constraints in these countries. However, the results find support for this only in the cases of South Korea, Sri Lanka and Taiwan.

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Document Type: Research Article

Affiliations: 1: Department of Economics, Faculty of Economics and Management, Universiti Putra Malaysia, 43400 UPM Serdang, Selangor, Malaysia 2: Department of Economics, University of Southampton, Southampton SO17 1BJ, UK

Publication date: 2006-12-10

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