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Recursos bibliográficos en papel y digitales -
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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Guiso, Luigi - Jappelli, Tullio - Terlizzese, Daniele |
| Título: | Income Risk, Borrowing Constraints, and Portfolio Choice |
| Fuente: | American Economic Review. v.86, n.1. American Economic Association |
| Páginas: | pp. 158-72 |
| Año: | Mar. 1996 |
| Resumen: | Economic theory suggests that uninsurable income risk and the expectation of future borrowing constraints can reduce the share of risky assets in a household’s portfolio. If the utility function exhibits decreasing absolute risk aversion and decreasing prudence, an individual will reduce his exposure to rate-of-return risks when confronted with other independent risks. If there are transaction costs, the expectation of future borrowing constraints should induce individuals to keep a lower proportion of their wealth in the form of illiquid and risky assets. The authors find support for these propositions in a cross-section of Italian households. |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Jappelli, Tullio - Pagano, Marco - |
| Título: | Consumption and Capital Market Imperfections: An International Comparison |
| Fuente: | American Economic Review. v.79, n.5. American Economic Association |
| Páginas: | pp. 1088-1105 |
| Año: | Dec. 1989 |
| Resumen: | The excess sensitivity of consumption to current income fluctuations is higher in countries where consumers borrow less. Low levels of consumer debt can result either from capital market imperfections or from a low demand for loans. The evidence suggests that the former view is more appropriate than the latter, and thus supports the hypothesis that excess sensitivity may be attributed to liquidity constraints, rather than to other factors. |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
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