Abstract We study how financial reforms affect the extent of consumption smoothing in a dynamic stochastic general equilibrium model of an emerging economy. Consistent with the empirical literature and reform efforts in South Korea and South Africa, we emphasize the relation between consumer credit and durable purchases, and model reforms as the relaxation of the collateral constraint on lower income households. We find that the relaxation of the collateral constraint accounts for a substantial share of the decline in consumption smoothing experienced in South Korea and South Africa.

中文翻译：

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金融改革与消费平滑

摘要 我们研究了金融改革如何影响新兴经济体动态随机一般均衡模型中的消费平滑程度。与韩国和南非的实证文献和改革努力一致，我们强调消费信贷与耐用品购买之间的关系，并将改革模型视为放松对低收入家庭的抵押品约束。我们发现，抵押品约束的放松在韩国和南非经历的消费平滑下降中占很大比例。