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The puzzle with increasing money demand: Evidence from a cross-section of countries

  • Graf Lambsdorff, Johann
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    The ratio of money demand to GDP may increase with portfolio demand, monetization, and a deeper division of labor. Using a cross-section approach to money demand for 126 countries this study shows that the share of agriculture, life expectancy at birth, openness, and trust in the banking system capture a good deal of these influences. Once these variables are included, GNP per head negatively impacts on the ratio of money demand to GDP, which is in line with the standard result by Tobin and Baumol.

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    File URL: http://econstor.eu/bitstream/10419/54998/1/684223945.pdf
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    Paper provided by University of Passau, Faculty of Business and Economics in its series Passauer Diskussionspapiere, Volkswirtschaftliche Reihe with number V-28-04.

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    Date of creation: 2004
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    Handle: RePEc:zbw:upadvr:v2804
    Contact details of provider: Postal: 94030 Passau
    Phone: ++49 (0)851 509 0
    Fax: ++49 (0)851 509 1005
    Web page: http://www.wiwi.uni-passau.de/index.php?L=2

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    1. Melitz, Jacques & Correa, Hector, 1970. "International Differences in Income Velocity," The Review of Economics and Statistics, MIT Press, vol. 52(1), pages 12-17, February.
    2. Andrei Shleifer & Robert W. Vishny, 1998. "The Quality of Government," Harvard Institute of Economic Research Working Papers 1847, Harvard - Institute of Economic Research.
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