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Wealth, Financial Liberalization, and the Demand for Money in Japan

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  • Robert Corker

    (International Monetary Fund)

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    Abstract

    Estimates are presented of a demand function for broad money in Japan that explains both secular trends in the income velocity of broad money during the 1970s and 1980s and the acceleration in the decline in velocity during 1986-88. The paper concludes that wealth effects and the opportunity cost of holding broad money can explain the developments in velocity. In the period 1986-88, these variables were strongly influenced by the rapid pace of financial liberalization in Japan.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 37 (1990)
    Issue (Month): 2 (June)
    Pages: 418-432

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    Handle: RePEc:pal:imfstp:v:37:y:1990:i:2:p:418-432

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    Cited by:
    1. Martinez Peria, Maria Soledad, 2000. "The impact of banking crises on money demand and price stability," Policy Research Working Paper Series 2305, The World Bank.
    2. Subramanian S. Sriram, 1999. "Survey of Literatureon Demand for Money," IMF Working Papers 99/64, International Monetary Fund.
    3. Nagayasu, Jun, 2003. "A re-examination of the Japanese money demand function and structural shifts," Journal of Policy Modeling, Elsevier, vol. 25(4), pages 359-375, June.

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