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- Publisher
- Emerald Publishing
- Copyright
- Copyright © Emerald Group Publishing Limited
- ISSN
- 0144-3585
- DOI
- 10.1108/EUM0000000000154
- Publisher site
- See Article on Publisher Site
Abstract
A systems approach is applied to UK personal sector holdings ofunit trusts, UK company securities, publicsector longterm debt andoverseas securities. In the long run, asset holdings are determinedprimarily by hedging considerations but in the short run there isevidence of speculative activity. Asset shares are influenced byrelative yields including capital gains, inflation, and realexpenditure. A twostep estimation procedure is used a set ofcointegration vectors are estimated for asset shares and dynamics arerepresented by a systems error feedback model. The four equation systemis broadly consonant with the data and coefficient estimates areintuitively acceptable.
Journal
Journal of Economic Studies – Emerald Publishing
Published: Apr 1, 1991