# RDP 9602: Consumption and Liquidity Constraints in Australia and East Asia: Does Financial Integration Matter? Equation (2)

$${A}_{t+1}=\left(1+{r}_{t}\right)\left({A}_{t}+{y}_{t}-{c}_{t}\right)$$

$${A}_{t+1}=\left(1+{r}_{t}\right)\left({A}_{t}+{y}_{t}-{c}_{t}\right)$$