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The Demand for Financial Assets Held in the U.K. by the Overseas Sector: An Application of Two-Stage Budgeting

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  • Barr, D G
  • Cuthbertson, K

Abstract

The authors model the portfolio choice between net sterling deposits, U.K. company securities, U.K. long-term government securities, and net foreign currency deposits held by the overseas sector in the United Kingdom. The authors assume the overseas sector uses two-stage budgetting whereby wealth is first distributed between total foreign and total sterling assets and then the latter are distributed across the three sterling assets. The long-run equations are based on the AIDS model and dynamics are modeled using an interdependent error-feedback model. The estimated model satisfies the theoretical restrictions of long-run homogeneity, symmetry, and homotheticity. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Barr, D G & Cuthbertson, K, 1994. "The Demand for Financial Assets Held in the U.K. by the Overseas Sector: An Application of Two-Stage Budgeting," The Manchester School of Economic & Social Studies, University of Manchester, vol. 62(1), pages 1-20, March.
    • Handle: RePEc:bla:manch2:v:62:y:1994:i:1:p:1-20
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    Cited by:

    1. Nidhal Mgadmi & Helmi Hamdi & Houssem Rachdi, 2016. "Non-Linear Modelling of Money Demand in Tunisia: Evidence from the STAR Model," Economics Bulletin, AccessEcon, vol. 36(4), pages 1975-1985.
    2. GianCarlo Moschini, 2001. "A Flexible Multistage Demand System Based on Indirect Separability," Southern Economic Journal, John Wiley & Sons, vol. 68(1), pages 22-41, July.
    3. Chris Allen & Katerina Smidkova, 2003. "Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy," Macroeconomics 0303013, University Library of Munich, Germany.

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