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The demand for broad money in the United Kingdom and in West Germany: a comparative dynamic short-run study

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  • P. Arestis
  • I. Biefang-Frisancho Mariscal
  • P. G. A. Howells
  • H. -M. Trautwein

Abstract

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.

Suggested Citation

  • P. Arestis & I. Biefang-Frisancho Mariscal & P. G. A. Howells & H. -M. Trautwein, 1995. "The demand for broad money in the United Kingdom and in West Germany: a comparative dynamic short-run study," Applied Economics Letters, Taylor & Francis Journals, vol. 2(4), pages 95-97.
  • Handle: RePEc:taf:apeclt:v:2:y:1995:i:4:p:95-97
    DOI: 10.1080/758529810
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