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Currency Substitution and Cross-Border Monetary Aggregation

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  • Timothy D. Lane
  • Stephen S. Poloz
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    Abstract

    Is there a stable aggregate money demand relationship for Europe? If so, why, and if not, why not? These questions are important for the implementation of policy by a European central bank, as well as for the appropriate speed of transition to EMU. This paper addresses them in a multi-country empirical study of money demand for the G-7 countries during the period since 1973. It looks for evidence of currency substitution and tests the restrictions implied by cross-border aggregation within Europe.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=832
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/81.

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    Length: 36
    Date of creation: 01 Oct 1992
    Date of revision:
    Handle: RePEc:imf:imfwpa:92/81

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    Cited by:
    1. Hayo, Bernd, 1998. "Estimating a European demand for money," ZEI Working Papers B 05-1998, ZEI - Center for European Integration Studies, University of Bonn.
    2. Bernd Hayo, 2000. "The demand for money in Austria," Empirical Economics, Springer, vol. 25(4), pages 581-603.
    3. Wesche, Katrin, 1995. "The Stability of European Money Demand: An Investigation of M3H," Discussion Paper Serie B 337, University of Bonn, Germany.
    4. Carlo Monticelli, 1996. "EU-wide money and cross-border holdings," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 132(2), pages 215-235, September.
    5. Carlo Monticelli, 1993. "'All the money in europe?' An investigation of the economic properties of EC-wide extended monetary aggregates," BIS Working Papers 19, Bank for International Settlements.

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