Consumption and Capital Market Imperfections: An International Comparison
通过国际比较发现，消费者借款越少的国家，消费对当前收入波动的过度敏感性越高。证据支持这种过度敏感性源于流动性约束而非低贷款需求。
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. Copyright 1989 by American Economic Association.