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Implicit interest on demand deposits

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  • Startz, Richard

Abstract

Traditionally, monetary theory assumes money bears zero interest. More recently, it has been recognized that banks implicitly pay interest through providing free services. In this paper, the implicit interest rate is estimated from two different sources. Implicit interest appears to be about one-half of what a competitive rate would be in the absence of the prohibition against explicit interest.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Monetary Economics.

Volume (Year): 5 (1979)
Issue (Month): 4 (October)
Pages: 515-534

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Handle: RePEc:eee:moneco:v:5:y:1979:i:4:p:515-534

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Web page: http://www.elsevier.com/locate/inca/505566

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Cited by:
  1. Dahalan, Jauhari & Sharma, Subhash C. & Sylwester, Kevin, 2005. "Divisia monetary aggregates and money demand for Malaysia," Journal of Asian Economics, Elsevier, vol. 15(6), pages 1137-1153, January.
  2. Serletis, Apostolos & Rangel-Ruiz, Ricardo, 2005. "Microeconometrics and measurement matters: Some results from monetary economics for Canada," Journal of Macroeconomics, Elsevier, vol. 27(2), pages 307-330, June.
  3. Douglas D. Evanoff & Larry D. Wall, 2000. "Subordinated debt and bank capital reform," Working Paper Series WP-00-7, Federal Reserve Bank of Chicago.
  4. John R. Walter & Walter A. Varvel, 1982. "The competition for transaction accounts," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 2-20.
  5. Ryadh M. Alkhareif & William Barnett, 2012. "Divisia Monetary Aggregates for the GCC Countries," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201209, University of Kansas, Department of Economics, revised Aug 2012.
  6. Georgopoulos, George J., 2006. "Estimating the demand for money in Canada: Does including an own rate of return matter?," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(4), pages 513-529, September.
  7. Douglas Evanoff & Lewis Segal, 1997. "Strategic Responses to Bank Regulation: Evidence From HMDA Data," Journal of Financial Services Research, Springer, vol. 11(1), pages 69-93, February.
  8. Juan Coello, 1994. "¿Son las cajas y los bancos estratégicamente equivalentes?," Investigaciones Economicas, Fundación SEPI, vol. 18(2), pages 313-332, May.

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