Following the study of U.S. regional data by Mulligan and Sala-i-Martin (1992) and the discussion by Fujiki and Mulligan (1996a) of empirical models of the demand for money, the paper uses Japanese prefectural data to estimate the parameters of a money demand function. The cross-sectional...

A central concern in the field of international finance is always capital mobility. Feldstein and Horioka (1980) propose a simple test for international capital mobility and obtain a sign of very low capital mobility. Their interesting result is often described as the Feldstein-Horioka paradox....

A framework for modeling the demand for money by households and firms is proposed. It allows for both endogenous and exogenous changes in the degree of financial sophistication as well as for multiple monetary assets.The framework is especially useful for interpreting and comparing the many...

We cross-sectionally estimate the income elasticity of money demand using Japanese prefectural deposit statistics and Japanese prefectural accounts statistics from fiscal 1955 to 2009 based on the structural model of Fujiki and Mulligan (1996a). In doing so, we update the results of Fujiki and...

Fujiki (2003, 2006) extended the Freeman (1996) model to a two- country model, demonstrating that elastic money supplies in foreign exchange markets and the domestic credit market yield efficiency gains in monetary equilibrium, and that several institutional designs equally achieve the desired...

We cross-sectionally estimate the income elasticity of money demand using Japanese prefectural deposit statistics and Japanese prefectural accounts statistics from fiscal 1955 to 2009 based on the structural model of Fujiki and Mulligan (1996a). In doing so, we update the results of Fujiki and...