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The Demand for Money in the European Union: the Role of Germany’s Interest Rate

In: Economic Integration

Author

Listed:
  • Yonghao Pu
  • George Zis

Abstract

Artis et al. (1993) Kremers and Lane (1990) and Monticelli and Straus-Kahn (1993) have investigated the existence of a stable EU demand for money function, while Cassard et al. (1994) have estimated the demand for money functions involving aggregation only across the core countries of the Exchange Rate Mechanism (ERM). All four studies’ empirical findings suggest that a stable function is identifiable either at the EMS or the core ERM level. However, aspects of these studies raise questions about the robustness of the statistical evidence presented and about the consistency of their theory. This chapter discusses some of the issues relating to the estimation of an EU money demand function and presents new empirical evidence to indicate the existence of stable EU demand functions for both M1 and M2.

Suggested Citation

  • Yonghao Pu & George Zis, 2002. "The Demand for Money in the European Union: the Role of Germany’s Interest Rate," Palgrave Macmillan Books, in: George M. Korres & George C. Bitros (ed.), Economic Integration, chapter 4, pages 58-76, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62925-7_4
    DOI: 10.1057/9780230629257_4
    as

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