The puzzle with increasing money demand: Evidence from a cross-section of countries
AbstractThe ratio of money demand to GDP may increase with portfolio demand, monetization, and a deeper division of labor. Using a cross-section approach to money demand for 126 countries this study shows that the share of agriculture, life expectancy at birth, openness, and trust in the banking system capture a good deal of these influences. Once these variables are included, GNP per head negatively impacts on the ratio of money demand to GDP, which is in line with the standard result by Tobin and Baumol. --
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Bibliographic InfoPaper provided by University of Passau, Faculty of Business and Economics in its series Passauer Diskussionspapiere, Volkswirtschaftliche Reihe with number V-28-04.
Date of creation: 2004
Date of revision:
Find related papers by JEL classification:
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
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