Currency Substitution And Cross Border Monetary Aggregation

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Currency Substitution And Cross Border Monetary Aggregation

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Author : Mr.Timothy D. Lane
language : en
Publisher: International Monetary Fund
Release Date : 1992-10-01

Currency Substitution And Cross Border Monetary Aggregation written by Mr.Timothy D. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-10-01 with Business & Economics categories.

Is there a stable aggregate money demand relationship for Europe? If so, why, and if not, why not? These questions are important for the implementation of policy by a European central bank, as well as for the appropriate speed of transition to EMU. This paper addresses them in a multi-country empirical study of money demand for the G-7 countries during the period since 1973. It looks for evidence of currency substitution and tests the restrictions implied by cross-border aggregation within Europe.

The Implications Of Cross Border Monetary Aggregation

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Author : Mr.Timothy D. Lane
language : en
Publisher: International Monetary Fund
Release Date : 1992-09-01

The Implications Of Cross Border Monetary Aggregation written by Mr.Timothy D. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-09-01 with Business & Economics categories.

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European Central Bank. This paper uses a theoretical error-invariables framework to identify what is gained and what may be lost through cross-border aggregation of money demand. It provides an analytical basis for such studies, paying particular attention to currency substitution and international portfolio diversification.

Currency Substitution And Cross Border Monetary Aggregation

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Author : Timothy David Lane
language : en
Publisher:
Release Date : 1992

Currency Substitution And Cross Border Monetary Aggregation written by Timothy David Lane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Currency substitution categories.

Cross Border Deposits And Monetary Aggregates In The Transition To Emu

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Author : Mr.Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 1991-11-01

Cross Border Deposits And Monetary Aggregates In The Transition To Emu written by Mr.Carlo Cottarelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-11-01 with Business & Economics categories.

This paper discusses the effect of cross-border deposits (CBDs) for the stability of the relation between monetary aggregates and nominal GDP in the five largest EC countries. The analysis is developed in terms of “information content” of alternative money definitions (including or excluding selected subsets of CBDs), derived from a multicountry simultaneous system of money demand equations. We show that in the most recent period traditional money aggregates have lost information value and that they are dominated by alternative money definitions that include CBDs, such as those based on the residency of the holder or on the currency of denomination.

The Implications Of Cross Border Monetary Aggregation

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Author : Jeroen Kremers
language : en
Publisher:
Release Date : 2006

The Implications Of Cross Border Monetary Aggregation written by Jeroen Kremers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European Central Bank. This paper uses a theoretical error-in-variables framework to identify what is gained and what may be lost through cross-border aggregation of money demand. It provides an analytical basis for such studies, paying particular attention to currency substitution and international portfolio diversification.

Monetary Aggregates And Monetary Policy Coordination On The Way To Economic And Monetary Union

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Author : Paola Giucca
language : en
Publisher:
Release Date : 1992

Monetary Aggregates And Monetary Policy Coordination On The Way To Economic And Monetary Union written by Paola Giucca and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Bank deposits categories.

Despues de analizar la estructura de los depositos transfronterizos en los paises de la CE durante los 80, construye y compara 3 agregados monetarios nacionales hipoteticos, que incluyen este tipo de depositos, para Alemania, Francia e Italia, y algunas medidas de la oferta monetaria en la CEE. A continuacion realiza una comparacion empirica, para Alemania y Francia, entre agregados monetarios ampliados hipoteticos y los tradicionales, en terminos de su relacion con el ingreso nominal y obtiene conclusiones sobre las predicciones de la evolucion futura de dicho ingreso a partir de las definiciones monetarias ampliadas o de las tradicionales en el caso de ambos paises. Contiene cuadros estadisticos y bibliografia. (igm).

Currency Substitution And The Demand For Money In Five European Union Countries

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Author : Julide Yildirim
language : en
Publisher:
Release Date : 2010

Currency Substitution And The Demand For Money In Five European Union Countries written by Julide Yildirim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.

The high degree of economic integration has led to an increased degree of currency substitution in the EU countries, which could bring instability in national money demand functions while an EU-wide money demand function could be more stable. Currency substitution usually takes the form of cross border deposits (CBD), which are not included in the traditional monetary aggregates. Thus, extended monetary aggregates that include the relevant CBDs are defined in this study. In order to investigate the implications of currency substitution for the stability of the demand functions, the traditional and extended monetary aggregates for five EU countries are defined in addition to EU-wide monetary aggregates. The estimated EU-wide demand for extended money appears to be stable suggesting that there is scope for monetary policy at the European level. However, the stability of the area-wide aggregate has been impaired when the relevant CBDs are not included.

Monetary Policy In Dollarized Economies

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Author : Mr.Adam Bennett
language : en
Publisher: International Monetary Fund
Release Date : 1999-03-15

Monetary Policy In Dollarized Economies written by Mr.Adam Bennett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03-15 with Business & Economics categories.

Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many countries with IMF - supported adjustment programs. This paper analyzes policy issues that arise-and various monetary strategies that may be pursued- when the monetary sector is dollarized, and it considers the implications that dollarization has for the design of IMF programs.

Erm Money Supply And The Transition To Emu

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Author : Marcel Cassard
language : en
Publisher:
Release Date : 1994

Erm Money Supply And The Transition To Emu written by Marcel Cassard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Monetary unions categories.

Monetary Frameworks

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Author : Mr.Ramana Ramaswamy
language : en
Publisher: International Monetary Fund
Release Date : 1997-06-01

Monetary Frameworks written by Mr.Ramana Ramaswamy and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-06-01 with Business & Economics categories.

This paper discusses how the size of the monetary union in Europe can influence the choice of the monetary framework. The main conjecture is that the European Central Bank ought to target inflation if monetary union is confined to a “core” group of countries. However, the decision on whether to target inflation or monetary aggregates is not an unambiguous one if monetary union is EU-wide; the choice of the framework will depend on the type of shocks that are likely to prevail. The arguments motivating these conjectures essentially concern the trade-offs between the viability and credibility of different monetary frameworks.