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Excès de liquidité monétaire et prix des actifs

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Author Info

  • Gouteron, S.
  • Szpiro, D.

Abstract

The recent rise of excess liquidity in the United States and in the euro zone did not result in a resurgence of inflation. Excess liquidity, rather than heading towards the market of consumer goods, could have moved towards the asset markets. In the data covering the period going from 1980 to 2004 and relative to the United States, the euro zone, the United Kingdom and Japan, there's no element pointing out an effect of excess liquidity on asset prices: there is no common trend in asset prices, vector models taking into account the excess liquidity developments do not explain the movements of asset prices, and the extension of the quantitative equation of money to transactions on assets does not stabilize the money velocity.

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File URL: http://www.banque-france.fr/uploads/tx_bdfdocumentstravail/ner131.pdf
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Bibliographic Info

Paper provided by Banque de France in its series Working papers with number 131.

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Length: 63 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:bfr:banfra:131

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Web page: http://www.banque-france.fr/
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Related research

Keywords: Liquidity ; Asset Prices ; Money ; Real Estate ; Quantitative Equation;

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Cited by:
  1. KAMGNA, Severin Yves & Ndambendia, Houdou, 2008. "Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC
    [Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]
    ," MPRA Paper 9599, University Library of Munich, Germany.
  2. Goodhart, Charles & Hofmann, Boris, 2008. "House Prices, Money, Credit and the Macroeconomy," Working Paper Series 0888, European Central Bank.
  3. Adalid, Ramón & Detken, Carsten, 2007. "Liquidity shocks and asset price boom/bust cycles," Working Paper Series 0732, European Central Bank.
  4. MEZUI-MBENG, Pamphile, 2010. "Tramsission de la politique monétaire: le cas des pays de la CEMAC
    [Monetary policy transmission: the case of the CEMAC]
    ," MPRA Paper 26032, University Library of Munich, Germany.
  5. Marie-Louise Djigbenou, 2014. "Determinants of Global Liquidity Dynamics:a FAVAR approach," Working Papers hal-00956314, HAL.
  6. Sophie Brana & Marie-Louise Djigbenou & Stéphanie Prat, 2012. "Global excess liquidity and asset prices in emerging countries: a pvar approach," Larefi Working Papers 1203, Larefi, Université Bordeaux 4.

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