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Serial number: 14/2014
Author(s): V.Ahmadov, R.Rahmanov
Language: English
Date: 2014
Abstract: This paper conducts an empirical analysis of the wealth effects in Azerbaijan. Applying the VECM methodology to the monthly data for the 2007-2013 period, we estimate that in the long run, the elasticity of financial wealth is 0.26 and statistically significant, whereas the elasticity of housing wealth is 0.05 but statistically insignificant. Furthermore, we find that it takes households about one month and a half to adjust their consumption to the long-run equilibrium level.
Key words: Consumption, housing wealth effect, financial wealth effect, post-transition, Azerbaijan, VECM
JEL classification: C32, D12, E21, E44
