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    Kuwaiti consumption in the presence of dramatic economic events: 1973-2003

    130051_130051DeliveryManager.pdf (200.0Kb)
    Access Status
    Open access
    Authors
    Packey, Daniel
    Nasair, S.
    Date
    2009
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Packey, Daniel and Nasair, Salah. 2009. Kuwaiti consumption in the presence of dramatic economic events: 1973-2003. Review of Middle East Economics and Finance 5 (2).
    Source Title
    Review of Middle East Economics and Finance
    DOI
    10.2202/1475-3693.1103
    ISSN
    1475-3693
    Faculty
    Curtin Business School
    Graduate School of Business
    Remarks

    Copyright © 2009 Berkeley Electronic Press

    URI
    http://hdl.handle.net/20.500.11937/5134
    Collection
    • Curtin Research Publications
    Abstract

    The Kuwaiti consumption functon is examined for the 1973-2003 time period. The dramatic events included: the Arab oil embargo of 1973, Kuwait's nationalization of oil facilities in 1976, the oil price shock in 1978, the Iranian revolution in 1979, the Iran/Iraq war, Kuwait's unofficial stock market AlManakh crash, increases in crude oil supply by non-OPEC producers by ten million barrels per day, the collapse of world crude oil prices in 1986, and the 1990 Iraq invasion. This paper examines three decades in which Kuwait experiences a variety of uncommonly dramatic economic and sociological events. the question we are addressing econometrically is: "Is consistency in Kuwaiti consumption maintained even in the presence of extreme economic conditions?"We found that Kuwaiti consumption is consistent with the Permanent Income Hypothesis. That is the marginal propensity to consume ( MPC) approachs the average propensity to consume (APC) and the intercept is not significanlty different from zero. Moreover, this result of a relatively small MPC of 0.30 is consistnent with the contentions of Keynes and Kurihara that wealthy high income economies have relatively small values for MPC and APC.

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