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Financial Innovations and Currency Demand: Some New Evidence

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  • Viren, Matti
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    Abstract

    This 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 Info

    Article provided by Springer in its journal Empirical Economics.

    Volume (Year): 17 (1992)
    Issue (Month): 4 ()
    Pages: 451-61

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    Handle: RePEc:spr:empeco:v:17:y:1992:i:4:p:451-61

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    Cited by:
    1. 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.
    2. Nyamongo, Esman & Ndirangu, Lydia Ndirangu2, 2013. "Financial Innovations and Monetary Policy in Kenya," MPRA Paper 52387, University Library of Munich, Germany.
    3. Abel François & David Bounie, 2006. "Les déterminants de la détention et de l’usage des instruments de paiement : éléments théoriques et empiriques," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 83(2), pages 159-176.
    4. 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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