| 초록 |
Using data on individual farm households from the 1999-2000 Farm Household Economy Survey we estimate consumption expenditure function of farm household which include farm characteristics as well as farm income or assets as explanatory variables. Six alternatives including partial adjustment model, permanent income model, life-cycle model, liquidity constraint model and by household or commodity characteristics are assessed for farm household consumption expenditures. Results indicate that net changes in farm assets or debts as well as current farm income affect consumption expenditure, supporting permanent income or life-cycle hypothesis. However, farm households which range from 23 to 24 percent are found to face the liquidity-constraint problem and thus do not behave according to the life cycle-permanent income hypothesis. In addition, determinants of farm household consumption expenditure appear to be significantly different by household type, suggesting that fiscal or monetary programs differentiated toward farm households are effective in improving their welfare.
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