The demand for broad money in the United Kingdom and in West Germany: a comparative dynamic short-run study
This paper examines the short-run adjustment process in the demand for money in the UK and in Germany with a view, particularly, to exploring the consequences of the different experiences of financial innovation in the two countries. Our hypothesis was that interest rate relativities might play a larger role in the UK where a major innovation of the last twenty years has been the rise in the proportion of deposits paying market-sensitive interest rates. The estimations of the short-run dynamic equations, which are satisfactory for both countries, confirmed our view.
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Volume (Year): 2 (1995)
Issue (Month): 4 ()
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