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Factors Underlying the Definition of Broad Money; An Examination of Recent U.S. Monetary Statistics and Practices of Other Countries

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  • Ewe-Ghee Lim
  • Subramanian S Sriram

Abstract

The paper examines the experiences of countries in defining monetary aggregates, particularly those countries that have undertaken substantial redefinitions. It finds that both the functional and empirical approaches are important; and that monetary definitions tend to be dynamic in nature, becoming prone to revisions whenever the current definition no longer satisfies both criteria. While countries may adhere to both approaches, monetary definitions may still vary across countries, reflecting specific institutional settings and the requirements of the empirical approach. This finding supports the approach in the IMF's Monetary and Financial Statistics Manual of not prescribing specific definitions of broad money.

Suggested Citation

  • Ewe-Ghee Lim & Subramanian S Sriram, 2003. "Factors Underlying the Definition of Broad Money; An Examination of Recent U.S. Monetary Statistics and Practices of Other Countries," IMF Working Papers 03/62, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:03/62
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16402
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    References listed on IDEAS

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    1. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
    2. Kim, Suk-Joong & Sheen, Jeffrey, 2004. "Central Bank Interventions in the Yen-Dollar Spot Market," Working Papers 4, University of Sydney, School of Economics.
    3. Almekinders, Geert J. & Eijffinger, Sylvester C. W., 1996. "A friction model of daily Bundesbank and Federal Reserve intervention," Journal of Banking & Finance, Elsevier, vol. 20(8), pages 1365-1380, September.
    4. repec:syd:wpaper:99-19 is not listed on IDEAS
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    Cited by:

    1. Khan, Mahmood ul Hasan & Hussain, Fida, 2005. "Monetary aggregates in Pakistan: theoretical and empirical underpinnings," MPRA Paper 31430, University Library of Munich, Germany, revised 2005.
    2. repec:ibn:ibrjnl:v:10:y:2017:i:11:p:79-87 is not listed on IDEAS

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