此外，还确定了一个理论模型，以确定可能考虑到低收入和中等收入国家的有限的体制环境，并揭示与此有关的各种限制对私营部门行为的影响。因此，在研究论文中，对私营部门的波动性进行了有效的观察。此外，实证结果还发现，预防储蓄理论与波动模型之间存在着不一致之处。今后，可以在低技能生产领域更好地探讨贸易冲击的条件，以便暗示不同家庭/公司对未来风险的预防性储蓄和与投资有关的决定。也可以探讨资本市场的开放性。通过对研究课题的适当考虑，有效地进行了研究。这些理论和模型已经被用来进行研究，有效地回答了研究的问题，并提供了必要的解决方案。第三份报告是曼努埃尔•莱昂•纳瓦罗(Manuel Leon Navarro a)和拉斐尔•弗洛雷斯•德弗鲁托斯(Rafael Flores de Frutos)在2015年发表的《利率冲击对居民与金融财富对消费的影响》(Residential vs financial wealth effects on consumption from a shock of interest rates)。
In addition to this, a theoretical model has been identified to identity the limiting institutional environment which may consider the lower and middle income countries and explode the implications of the constraints related to the same to the behaviour of the private sector. Thus, in the research paper, the volatility of the private sector has been efficiently observed. Further, the discontent between the precautionary saving theory and the volatile models has been observed through the empirical findings. In future, there can be a better exploration in the areas of low skilled production to the terms of trade shocks in order to imply precautionary saving and the investment related decisions of different household/ firms on the future risk. Also, can be discussion on the capital market openness. The research has been conducted in an efficient manner by doing the proper consideration related to the topic of the research. They theory and the models which has been used for the conducted of the research are efficient enough to answer the question of the research and to provide the necessary solutions.The third report is “Residential versus financial wealth effects on consumption from a shock in interest rates” published by Manuel León Navarro a, Rafael Flores de Frutos in 2015.
In this research paper, the theory of Ando and Modigliani has been analyzed and compared with the interest rates and housing wealth which can be obtained from the life cycle model and also the financial accelerator model. According to the financial accelerator theory, an overall rise in the rate of interest leads to the fall of the housing demands and the fall of the housing prices. Another to the life-cycle permanent income theory, an overall rise in the interest rate will lead to the falling of the housing wealth because the levels of private consumption will be determined. In addition to this, the method of Leon and Flores has been used. In this research paper, the analyses have been done on the effects related to the residential and financial wealth. Further the wealth effects related to the combination of the effect of the interest rate shock on wealth and the effects related to the wealth of consumption.In order to do the research, there has been an analysis on the effect on the consumption of different types of wealth. Housing stock effect has been compared with the housing price effect and the models has been significantly studied and analyzed. In addition to this, the empirical findings of the life cycle model have been explained.