The Implications of Cross-Border Monetary Aggregation /

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...

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Bibliografiske detaljer
Hovedforfatter: Lane, Timothy
Andre forfattere: Kremers, Jeroen
Format: Tidsskrift
Sprog:English
Udgivet: Washington, D.C. : International Monetary Fund, 1992.
Serier:IMF Working Papers; Working Paper ; No. 1992/071
Online adgang:Full text available on IMF
Beskrivelse
Summary: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.
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Fysisk beskrivelse:1 online resource (22 pages)
Format:Mode of access: Internet
ISSN:1018-5941
Adgang:Electronic access restricted to authorized BRAC University faculty, staff and students