Consumption in Developing Countries: Tests for Liquidity Constraints and Finite Horizons
检验了发展中国家消费模型，发现流动性约束普遍存在，不支持李嘉图等价命题，对理解财政政策与私人储蓄关系有参考价值。
Adjustment programs in developing countries emphasize the importance of reducing fiscal deficits in order to improve aggregate saving and investment performance. Recent theoretical analyses associated with the Ricardian equivalence proposition, however, suggest that changes in the level of public-sector saving may be offset by a change in private saving. The empirical relevance of this proposition depends, among other things, on the length of consumers' horizons and on the extent to which households are liquidity-constrained. Empirical tests of a consumption model for a sample of developing economies do not support the equivalence propositions owing to the prevalence of liquidity constraints. Copyright 1989 by MIT Press.