An econometric study of the demand for and supply of foreign loans in Australia 1969-70 to 1987-88 : application of a maximum likelihood estimation technique for models of markets in disequilibrium

Bateman, Helen Clare. (1988). An econometric study of the demand for and supply of foreign loans in Australia 1969-70 to 1987-88 : application of a maximum likelihood estimation technique for models of markets in disequilibrium Honours Thesis, School of Economics, The University of Queensland.

       
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Author Bateman, Helen Clare.
Thesis Title An econometric study of the demand for and supply of foreign loans in Australia 1969-70 to 1987-88 : application of a maximum likelihood estimation technique for models of markets in disequilibrium
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 1988
Thesis type Honours Thesis
Total pages 129
Language eng
Subjects 14 Economics
Formatted abstract It is only recently, that models of markets in disequilibrium have been applied to important econometric problems. One notable example which is not always in equilibrium is the market for foreign loans. In this thesis, we construct an annual model of the demand for and supply of foreign loans in Australia. Neoteric theoretical econometric papers have provided the basic statistical background for several estimation methods. The estimation technique employed in this analysis is based upon the maximization of a likelihood function. The underlying feature of this technique is that the quantity transacted is determined as the minimum of the quantity demanded and quantity supplied. Empirically, the demand equation is reliant upon the current account outcome and the supply equation is linked to the credit worthiness of the borrowing country. The findings with Australian data suggest that the market for foreign loans is essentially demand-determined and correspondingly characterized by excess supply over the period studied.
Additional Notes Page - 29 is not in the original thesis.

 
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