since the mid-1970s. Traditional forms of money demand and quantity theory relationships have remained stable over the whole … period. Broad money excesses over trend values, accounting for a secular decline in interest rates and thus in trend velocity …, have been followed by persistently higher inflation and output with the usual monetary policy transmission lags. Money and …

E-money is the newest payment instrument. As a part of the new electronic payment system (possible future substitute of … traditional payment), e-money raises the professional interest about its implications to further development of banking functions … in the global and networked economy. Statistical evidence confirms the existence of e-money in the developed countries …

As a result of the recent financial crisis, the influence of central banks on money creation has largely disappeared …. Controlling this process only works as long as money creation of commercial banks also leads to a need for additional reserves … additional money at large amounts and do not depend on central banks any more. This development is indicative for both the FED …

This study re-investigates the money supply determination process for Japan. The methodology of this study, which … differs from previous studies, is constructed on the assumption of potential nonlinear (asymmetric) relations between money … supply and monetary base via money multiplier. To this aim, the nonlinear autoregressive distributed lag (ARDL) model by Shin …