Financial Innovations and Currency Demand: Some New Evidence
AbstractThis paper presents new evidence on the importance of financial innovations for the demand for currency. We use Finnish data on credit card transactions to estimate a currency demand equation which fits the data very well, implies meaningful elasticities and does not suffer from obvious diagnostic problems such as parameter instability. As far as the key elasticities are concerned, it turns out that credit card transactions have a strong offsetting effect on currency demand. By contrast, inflation and tax evasion have only an insignificant demand effect.
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Bibliographic InfoArticle provided by Springer in its journal Empirical Economics.
Volume (Year): 17 (1992)
Issue (Month): 4 ()
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- Cronin, David & McGuinness, Anne, 2010. "Retail Payment Practices. How They Have Evolved in Recent Times and Where They Might Be Going," Quarterly Bulletin Articles, Central Bank of Ireland, pages 56-82, April.
- Nyamongo, Esman & Ndirangu, Lydia Ndirangu2, 2013. "Financial Innovations and Monetary Policy in Kenya," MPRA Paper 52387, University Library of Munich, Germany.
- Abel FranÃ§ois & David Bounie, 2006. "Les dÃ©terminants de la dÃ©tention et de lâ€™usage des instruments de paiement : Ã©lÃ©ments thÃ©oriques et empiriques," Revue d'Ã‰conomie FinanciÃ¨re, Programme National PersÃ©e, Programme National PersÃ©e, vol. 83(2), pages 159-176.
- Raimundo Soto, . "Nonlinearities in the Demand for money: A Neural Network Approach," ILADES-Georgetown University Working Papers, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines inv107, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
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