This paper describes participation of Cyprus households in financial and real assets using new data from the 1999 Cyprus Survey of Consumer Finances, and compares Cyprus to the United States and four major European countries. Almost 9 out of 10 Cyprus households own some financial asset. After checking accounts, the most popular financial asset is… (More)
In this paper, we propose a test of fit based on maximum entropy. The asymptotic distribution of the proposed test statistic is established and a corrected form for small and medium sample sizes is furnished. The performance of the test is investigated through extensive Monte Carlo simulations. Real examples are also presented and analyzed.
SUMMARY In recent years, various model selection procedures (criteria) that can be used for the selection of the best possible model have been proposed. The AIC criterion (Akaike, 1973) is considered the most popular tool for model selection although many competitors have been introduced over the years. One of the main drawbacks of AIC is its tendency to… (More)
This paper describes participation of Cyprus households in various debts using data from the first (1999) Cyprus Survey of Consumer Finances. It complements our previous paper that described household participation in various types of assets (Haliassos et al., 2001). Debts considered encompass personal unsecured loans, including credit card debt, and loans… (More)