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Consumption Expenditures (consumption + expenditure)
Selected AbstractsChanges in food consumption expenditure in MalaysiaAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2003Akira Ishida In rapidly developing Asian countries, food consumption has drastically expanded and diversified. Trends in Malaysian food consumption are typical of those of developing countries. The overriding objective of this article, therefore, was to explore the structural changes in food consumption expenditure in West Malaysia after the early 1970s when its food consumption diversified under rapid economic growth and urbanization. We have estimated Engel's expenditure elasticities for food items using aggregated cross-sectional data from the Household Expenditure Survey. Our estimated results clearly indicate that while the expenditure elasticities of away-from-home food, and the elasticities of at-home expenditures for meat, fruits and vegetables, milk and dairy products are relatively high, those of rice and sugar are low. This suggests that the food expenditure structure in West Malaysia has diversified, adding meat, fruits and vegetables, milk and dairy products to the most dominant food item, rice. Moreover, it is likely that the share of food away from home will increase with income enhancement and urbanization due mainly to economic growth. [EconLit citations: Q11 (Aggregate Demand and Supply)]. © 2003 Wiley Periodicals, Inc. Agribusiness 19: 61,76, 2003. [source] Catastrophic payments for health care among households in urban Tamil Nadu, IndiaJOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 2 2009Salem Deenadayalan Vaishnavi Abstract Urban residents in India face important health problems due to unhygienic conditions, excessive crowding and lack of proper sanitation. The private sector has started occupying the centre stage of the health system and households are burdened with increasing levels of health expenditure. This paper aims to study out-of-pocket expenditure (OOPE) and the extent of catastrophic payments for health care among households in a highly urbanised state, Tamil Nadu. The study used data on morbidity and health care for the year 2004 collected by the National Sample Survey Organization, India. Care was sought for 84 per cent of illness episodes in urban areas, and the majority used private sector providers (67 per cent for inpatients and 78 per cent for outpatients). Mean OOPE for inpatients and outpatients was higher for households with higher income. The average cost burden per visit was higher among those who sought care from private providers for inpatient services (29 per cent of household consumption expenditure) and outpatient services (20% of household consumption expenditure) compared with the burden associated with public health service use (3,4 per cent of consumption expenditure). About 60 per cent of households which used private health services faced catastrophic payments at the 10 per cent threshold level. To avoid catastrophic expenditure, greater use of the public sector which is providing services at an affordable cost is needed. Improving access to public health services, better gate-keeping systems, stronger controls on drug prices and increasing the quality of services are required to reduce the incidence of catastrophic expenditure both on inpatients and outpatients. Greater use of risk pooling mechanisms would encourage the poor to seek health care and also to protect households from all socio-economic groups from catastrophic expenditure. Copyright © 2009 John Wiley & Sons, Ltd. [source] RE-EXAMINING THE EFFECTIVENESS OF STABILISATION POLICYAUSTRALIAN ECONOMIC PAPERS, Issue 4 2007ANTHONY J. MAKIN This paper develops an alternative international macroeconomic model for evaluating the effectiveness of fiscal and monetary policy in stabilising national income under fixed and floating exchange rates. It encompasses national output and income, saving, investment, money and capital flows and linkages between the exchange rate, price levels and real interest rates consistent with international parity conditions. It demonstrates that the nature of government spending is pivotal to the effectiveness of fiscal policy, revealing that, ceteris paribus, higher public consumption expenditure contracts national income and depreciates the exchange rate, whereas higher productive public investment spending has opposite effects. The framework also shows that the effectiveness of fiscal and monetary policy as macroeconomic policy instruments is not ultimately dependent on the exchange rate regime. [source] Impacts of Food and Energy Price Hikes and Proposed Coping StrategiesCHINA AND WORLD ECONOMY, Issue 6 2008Ling Zhu F01; Q13; Q41 Abstract Based on sample survey data for the years 2006 and 2007, we find that inflation of food and energy prices in China is moving at a slower pace than in the international market; however, the livelihood of low income groups has been significantly impacted. Urban sample households in low income groups have been shifting from consumption of high value food to lower value substitutes; and all of the rural sample households are reducing their total consumption expenditure in real terms. The Engel's coefficient of the rural household enlarged while their proportion of spending on clothing and energy declined. Farmers' households are moving toward more imbalanced diets, and the nutritional status of the poor is apparently deteriorating. The emergency-response measures that the government should implement include stopping subsidies to biofuel producers, who use foodstuffs as inputs, and providing food aid to the poor. The mid-term strategies should include anti-monopoly tactics, improving the market environment for the right competition, and eliminating price distortion. Midterm and long-term socioeconomic policy reform must be undertaken to adjust the social structure, to correct the mechanism of factor price formation, and to transform the pattern of economic growth. [source] Consumption Over the Life CycleECONOMETRICA, Issue 1 2002Pierre-Olivier Gourinchas This paper estimates a structural model of optimal life-cycle consumption expenditures in the presence of realistic labor income uncertainty. We employ synthetic cohort techniques and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. The model fits the profiles quite well. In addition to providing reasonable estimates of the discount rate and risk aversion, we find that consumer behavior changes strikingly over the life cycle. Young consumers behave as buffer-stock agents. Around age 40, the typical household starts accumulating liquid assets for retirement and its behavior mimics more closely that of a certainty equivalent consumer. Our methodology provides a natural decomposition of saving and wealth into its precautionary and life-cycle components. [source] Do consumption expenditures depend on the household's relative position in the income distribution?INTERNATIONAL JOURNAL OF CONSUMER STUDIES, Issue 1 2002Mohamed Abdel-Ghany Abstract Even though the permanent income and relative income hypotheses have been introduced in past research to explain consumer behaviour, no previous attempt was undertaken to integrate them in one model. In this article, the hypotheses were synthesized into a single model. The model was empirically tested using data from the 1996 Canadian Family Expenditure Survey. The results indicate that household consumption behaviour is generally explained by both hypotheses when integrated into one model, contrary to previously treating them as mutually exclusive hypotheses. [source] Multiple equilibria in a cash-in-advance two-sector economyINTERNATIONAL JOURNAL OF ECONOMIC THEORY, Issue 2 2005Stefano Bosi C61; E32; E41 We consider a two-sector infinite horizon economy with a fractional cash-in-advance constraint on consumption expenditures. This formulation allows us to consider a steady-state velocity of money that is strictly greater than one and, therefore, provides a more plausible framework than the standard formulation in which all the consumption purchases are paid cash. We prove that the steady state is bound to be indeterminate and multiple equilibria occur when the share of the liquidity constraint is low enough and that a capital-intensive investment good or a strongly capital-intensive consumption good improve considerably the scope for indeterminacy. As a consequence, we show that without any restriction on the elasticity of intertemporal substitution in consumption, multiple equilibria might occur if the velocity of money is greater than a critical bound that is compatible with empirical estimates. [source] The effect of nonfarm income on investment in Bulgarian family farmingAGRICULTURAL ECONOMICS, Issue 2 2009Tom Hertz Bulgaria; Nonfarm income; Agricultural investment Abstract This article documents a relationship between nonfarm income (primarily earnings and pensions) and agricultural investment in Bulgaria, specifically, expenditures on working capital (variable inputs such as feed, seed, and herbicides) and investment in livestock. Among those with positive spending on farm inputs, the estimated elasticity of these expenditures with respect to nonfarm income is 0.14. Nonfarm income also has an effect on the number of households that purchase farm animals, with an estimated elasticity of 0.35. The use of nonfarm income for farm investment is consistent with the presence of credit constraints, as is the fact that less than one percent of farmers report outstanding debts for agricultural purposes. Yet many farm households take out large unsecured loans for other purposes, primarily to cover consumption expenditures, implying that credit is available, but that farmers prefer not to use borrowed funds to finance agricultural investment. This would suggest that increases in the availability of agricultural credit may have little effect on farm outcomes, whereas increases in nondebt-financed sources of liquidity, such as subsidies or transfers, may better stimulate investment. [source] Environmental Impacts of Products: A Detailed Review of StudiesJOURNAL OF INDUSTRIAL ECOLOGY, Issue 3 2006Arnold Tukker Summary Environmental effects of economic activities are ultimately driven by consumption, via impacts of the production, use, and waste management phases of products and services ultimately consumed. Integrated product policy (IPP) addressing the life-cycle impacts of products forms an innovative new generation of environmental policy. Yet this policy requires insight into the final consumption expenditures and related products that have the greatest life-cycle environmental impacts. This review article brings together the conclusions of 11 studies that analyze the life-cycle impacts of total societal consumption and the relative importance of different final consumption categories. This review addresses in general studies that were included in the project Environmental Impacts of Products (EIPRO) of the European Union (EU), which form the basis of this special issue. Unlike most studies done in the past 25 years on similar topics, the studies reviewed here covered a broad set of environmental impacts beyond just energy use or carbon dioxide (CO2) emissions. The studies differed greatly in basic approach (extrapolating LCA data to impacts of consumption categories versus approaches based on environmentally extended input-output (EEIO) tables), geographical region, disaggregation of final demand, data inventory used, and method of impact assessment. Nevertheless, across all studies a limited number of priorities emerged. The three main priorities, housing, transport, and food, are responsible for 70% of the environmental impacts in most categories, although covering only 55% of the final expenditure in the 25 countries that currently make up the EU. At a more detailed level, priorities are car and most probably air travel within transport, meat and dairy within food, and building structures, heating, and (electrical) energy-using products within housing. Expenditures on clothing, communication, health care, and education are considerably less important. Given the very different approaches followed in each of the sources reviewed, this result hence must be regarded as extremely robust. Recommendations are given to harmonize and improve the methodological approaches of such analyses, for instance, with regard to modeling of imports, inclusion of capital goods, and making an explicit distinction between household and government expenditure. [source] Do Actions Speak Louder Than Words?JOURNAL OF MONEY, CREDIT AND BANKING, Issue 7 2009Household Expectations of Inflation Based on Micro Consumption Data inflation expectations; Consumer Expenditure Survey; Michigan Survey of Consumers; Survey of Professional Forecasters; Euler equation Survey data on household expectations of inflation are routinely used in economic analysis, yet it is not clear how accurately households are able to articulate their expectations in survey interviews. We propose an alternative approach to recovering households' expectations of inflation from their consumption expenditures. We show that these expectations measures have predictive power for consumer price index (CPI) inflation. They are better predictors of CPI inflation than household survey responses and more highly correlated with professional inflation forecasts, except for highly educated consumers, consistent with the view that more educated consumers are better able to articulate their expectations. We also document that households' inflation expectations respond to inflation news, as measured by the unpredictable component of inflation predictions in the Survey of Professional Forecasters. The response to inflation news tends to increase with households' level of education, consistent with the existence of constraints on household's ability to process this information. [source] Presidential Saber Rattling and the EconomyAMERICAN JOURNAL OF POLITICAL SCIENCE, Issue 3 2009B. Dan Wood Saber rattling is a prominent tool of the U.S. president's foreign policy leadership. Yet there has been no study of how presidential saber rattling affects international or domestic political outcomes. This study evaluates how presidential saber rattling affects U.S. economic behavior and performance. Theoretically, the study demonstrates that presidential rhetoric affects the risks that economic actors are willing to take, as well as the consequences of these resulting behaviors for U.S. economic performance. Using monthly time series running from January 1978 through January 2005, vector autoregression methods are applied to show that increased presidential saber rattling produces increased perceptions of negative economic news, declining consumer confidence, lower personal consumption expenditures, less demand for money, and slower economic growth. More broadly, the study demonstrates an important linkage between the president's two most important roles: foreign and economic policy leadership. The president's foreign policy pronouncements not only impact other nations, but also affect domestic economic outcomes. [source] Inflation Stabilisation with Durable Goods and Endogenous Time Preference,THE ECONOMIC RECORD, Issue 274 2010ARMAN MANSOORIAN We consider inflation stabilisation policies for a small open economy with an endogenous time preference when consumption exhibits durability. The time preference effect and the durability effect have competing influences on the adjustment of consumption expenditures, which will likely exhibit an initial boom followed by a recession. Further, inflation stabilisation leads to an increase in labour supply and a boom in investment and output. The country experiences a sharp deterioration in its net foreign asset position. [source] | |||||||||||||||||||||||||