Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986
This paper applies tests of cointegration to assess whether institutional factors, in addition to income and an interest rate, explain the long-run behavior of velocity. Over a century of annual data from five industrialized countries are used. Institutional characteristics make a significant contribution to the determination of velocity in all the countries considered. One generally rejects the hypothesis of cointegration between velocity and its traditional determinants but the same hypothesis cannot be rejected when velocity is also a function of institutional change proxies. Tests of coefficient stability also reinforce the validity of the institutional change hypothesis of velocity. Copyright 1993 by Ohio State University Press.
(This abstract was borrowed from another version of this item.)
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||1991|
|Contact details of provider:|| Postal: 75 University Ave. West, Waterloo, Ontario, N2L 3C5|
Phone: (519) 884-0710 ext 2056
Fax: (519) 884-0201
Web page: http://www.wlu.ca/sbe/economics/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:wlu:wpaper:91150. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Andrei Kovacsik)
If references are entirely missing, you can add them using this form.