Showing 1 - 10 of 151
During the last two decades of the twentieth century, Brazil went through a sequence of failed stabilization plans that tried to cope with an enduring hyperinflation. This paper uses a money demand model to evaluate monetary policies during those episodes. The consistency between the money...
Persistent link: https://www.econbiz.de/10005124863
on monetary aggregation and index number theory, from its origins in 1980 to the current time. At the end of this … multicountry areas, such as the euro area. Research on monetary aggregation theory has been especially successful in solving the …
Persistent link: https://www.econbiz.de/10005126328
We construct a new measure of financial development, through multivariate analysis, which includes several indicators of financial size and efficiency for 134 countries. Based on this broad measure, we assess empirically the determinants of financial development focusing on two factors not yet...
Persistent link: https://www.econbiz.de/10005134948
This paper examines the problem of appropriately specifying and estimating the money demand function in the presence of adaptive expectations and partial adjustment mechanisms. The paper demonstrates the difficulty of interpreting distributed lag reduced form representations of the monetary...
Persistent link: https://www.econbiz.de/10005076678
This paper examines a broad set of alternative temporal cross- section specifications of the demand for money as a means of estimating the degree of substitution between demand deposits and other liquid assets. Despite differences in data bases, model specifications and estimation techniques,...
Persistent link: https://www.econbiz.de/10005076813
This is the front matter from the book, William A. Barnett and Apostolos Serletis (eds.), The Theory of Monetary … unified collection and discussion of W. A. Barnett's most important published papers on financial aggregation theory and …
Persistent link: https://www.econbiz.de/10005125027
We investigate the theory and empirics of currency substitution and currency complementarity. Analytical tractability … Australian dollar’s substitution for the mark and complementarity with the yen, consistent with our theory that international … variables will in general affect the demand for domestic money. Our theory also predicts third-currency effects, and the data …
Persistent link: https://www.econbiz.de/10005125493
This paper re-examines the money demand in Malaysia covering the period from 1974 to 2001, a period characterised by various events particularly the financial sector liberalisation, changes in monetary framework and currency crises. Our results support the existence of fairly stable long-run...
Persistent link: https://www.econbiz.de/10005126116
The rapid diffusion of ATM and POS during the last decade may have changed money demand patterns; therefore, standard econometric analysis of money demand that do not account for these developments may suffer from a potentially serious omitted variable problem. This paper analyzes the effect of...
Persistent link: https://www.econbiz.de/10005126211
This paper assesses the relevance of national information in estimating the demand for euro-area M3 from three perspectives. First, we check whether national money demands can legitimately be aggregated. Second, we compare time-series and panel methods to estimate aggregate long-run...
Persistent link: https://www.econbiz.de/10005412612