Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986
AbstractThis paper applies tests of cointegration to assess whether institutional factors, in addition to income and an interest rate, explain the long-run behavior of velocity. Over a century of annual data from five industrialized countries are used. Institutional characteristics make a significant contribution to the determination of velocity in all the countries considered. One generally rejects the hypothesis of cointegration between velocity and its traditional determinants but the same hypothesis cannot be rejected when velocity is also a function of institutional change proxies. Tests of coefficient stability also reinforce the validity of the institutional change hypothesis of velocity. Copyright 1993 by Ohio State University Press.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Wilfrid Laurier University, Department of Economics in its series Working Papers with number 91150.
Length: 47 pages
Date of creation: 1991
Date of revision:
Contact details of provider:
Postal: 75 University Ave. West, Waterloo, Ontario, N2L 3C5
Phone: (519) 884-0710 ext 2056
Fax: (519) 884-0201
Web page: http://www.wlu.ca/sbe/economics/
More information through EDIRC
income ; interest rate ; behaviour ; monetary policy;
Other versions of this item:
- Siklos, Pierre L, 1993. "Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(3), pages 377-92, August.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- A.E.Akinlo, 2012. "Financial Development and the Velocity of Money in Nigeria: An Empirical Analysis," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 4(2), pages 097-113, December.
- Martha Misas Arango & Enrique López Enciso & Luis Fernando Melo velandia, 1999.
"La Inflación Desde Una Perspectiva Monetaria : Un Modelo P* Para Colombia,"
BORRADORES DE ECONOMIA
003028, BANCO DE LA REPÚBLICA.
- Martha Misas & Enrique López & Luis Fernando Melo, . "La Inflación desde una Perspectiva Monetaria: Un Modelo P* para Colombia," Borradores de Economia 133, Banco de la Republica de Colombia.
- Hunte, C.K, 2011. "The Equation of Exchange: A Derivation," MPRA Paper 43531, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Andrei Kovacsik).
If references are entirely missing, you can add them using this form.