O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORPaz, Lourenço SenneGomes, Fábio Augusto Reis2023-07-192023-07-192008https://repositorio.insper.edu.br/handle/11224/5850In this paper, we consider Brazil, Colombia, Peru and Venezuela for a study on aggregate consumption behavior, in which we test the life cycle-permanent income hypothesis prediction that consumption growth depends only on interest. Our results suggest that only Venezuelan data supported this prediction. To identify possible reasons for rejection in the other cases, we checked for liquidity constraints, myopia and perverse asymmetry. We found that for Brazil the perverse asymmetry was rejected, whereas for Colombia the liquidity constraint hypothesis was rejected. The results were uninformative about Peruvian consumption17 p.DigitalInglêsworking paperSouth Americaconsumptionpermanent incomeliquidity constraintsmyopiaBEWP 016/2008