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International comparisons of money demand

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  • James Boughton
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    Abstract

    Many studies of the demand for money, covering a wide variety of economies, have demonstrated the importance of financial innovations and shifts in monetary policy regimes, but they have also illustrated the difficulty of measuring and assessing such changes. Because innovations and regime shifts have differed markedly across countries, international comparisons can help identify their effects. This paper reviews the literature on money demand comparisons, focusing primarily on industrial countries. It finds that innovations have had widespread effects, but also that the demand for money is not generally less stable now than it was before those changes occurred. Copyright Kluwer Academic Publishers 1992

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    Bibliographic Info

    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 3 (1992)
    Issue (Month): 3 (October)
    Pages: 323-343

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    Handle: RePEc:kap:openec:v:3:y:1992:i:3:p:323-343

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    Web page: http://www.springerlink.com/link.asp?id=100323

    Related research

    Keywords: money demand; comparative studies; monetary policy; financial innovations; cointegration; error correction models;

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    Cited by:
    1. John Morton & Paul Wood, 1993. "Interest rate operating procedures of foreign central banks," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    2. Bruce Kasman, 1993. "A comparison of monetary policy operating procedures in six industrial countries," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    3. Robert B. Kahn & Linda S. Kole, 1993. "Monetary transmission channels in major foreign industrial countries," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    4. Gordon M. Bodnar & Leonardo Bartolini, 1995. "Are Exchange Rates Excessively Volatile? and What Does "Excessively Volatile" Mean, Anyway?," IMF Working Papers 95/85, International Monetary Fund.
    5. Renato Filosa, 1995. "Money demand stability and currency substitution in six European countries (1980-1992)," BIS Working Papers 30, Bank for International Settlements.

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