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The Early Stages of Financial Innovation and Money Demand in France and Italy

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  • Dooley, Michael P
  • Spinelli, Franco

Abstract

This paper gives a detailed account of the early stages of the process of financial innovation in France and Italy and its consequences on the demand for traditional monetary aggregates. For the two countries, the need to finance large budget deficits emerges as the most important factor that started that process. Nevertheless, its consequences on money demand were different. In the case of France, the introduction of new types of financial assets accounts well for the overprediction of money demand; in the case of Italy, it does not. Copyright 1989 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Dooley, Michael P & Spinelli, Franco, 1989. "The Early Stages of Financial Innovation and Money Demand in France and Italy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(2), pages 107-124, June.
  • Handle: RePEc:bla:manch2:v:57:y:1989:i:2:p:107-24
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    References listed on IDEAS

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    1. F. Giavazzi & L. Spaventa, 1990. "The "New" EMS," Working Papers 86, Dipartimento Scienze Economiche, Universita' di Bologna.
    2. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, January.
    3. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
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    Cited by:

    1. Wyplosz, Charles, 1999. "Financial Restraints and Liberalization in Postwar Europe," CEPR Discussion Papers 2253, C.E.P.R. Discussion Papers.
    2. Arize, A. C. & Malindretos, John & Grivoyannis, Elias C., 2005. "Inflation-rate volatility and money demand: Evidence from less developed countries," International Review of Economics & Finance, Elsevier, vol. 14(1), pages 57-80.
    3. Vittorio Daniele & Pasquale Foresti & Oreste Napolitano, 2017. "The stability of money demand in the long-run: Italy 1861–2011," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 11(2), pages 217-244, May.
    4. James Boughton, 1992. "International comparisons of money demand," Open Economies Review, Springer, vol. 3(3), pages 323-343, October.

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