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Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986

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  • Siklos, Pierre L

Abstract

This paper applies tests of cointegration to assess whether institutional factors, in addition to income and an interest rate, explain the long-run behavior of velocity. Over a century of annual data from five industrialized countries are used. Institutional characteristics make a significant contribution to the determination of velocity in all the countries considered. One generally rejects the hypothesis of cointegration between velocity and its traditional determinants but the same hypothesis cannot be rejected when velocity is also a function of institutional change proxies. Tests of coefficient stability also reinforce the validity of the institutional change hypothesis of velocity. Copyright 1993 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 25 (1993)
Issue (Month): 3 (August)
Pages: 377-92

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Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:3:p:377-92

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Martha Misas & Enrique López & Luis Fernando Melo, . "La Inflación desde una Perspectiva Monetaria: Un Modelo P* para Colombia," Borradores de Economia 133, Banco de la Republica de Colombia.
  2. A.E.Akinlo, 2012. "Financial Development and the Velocity of Money in Nigeria: An Empirical Analysis," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 4(2), pages 097-113, December.
  3. Hunte, C.K, 2011. "The Equation of Exchange: A Derivation," MPRA Paper 43531, University Library of Munich, Germany.

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