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International Comparisons of Money Demand: A Review Essay
Author:
Mr. James M. Boughton
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Series:
IMF Working Papers
Volume/Issue:
Volume 1992: Issue 007
Language:
English
Publication Date:
01 Jan 1992
DOI:
https://doi.org/10.5089/9781451842357.001
ISBN:
9781451842357
ISSN:
1018-5941
Pages:
28
Keywords:
WP; money balance; balance; money; buffer-stock model; aggregate money demand function; money demand equation; error-correction model; Demand for money
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Many studies of the demand for money, covering a wide variety of economies, have demonstrated the importance of financial innovations and shifts in monetary policy regimes, but they have also illustrated the difficulty of measuring and assessing such changes. Because innovations and regime shifts have differed markedly across countries, international comparisons can help identify their effects. This paper reviews the literature on money demand comparisons, focusing primarily on industrial countries. It finds that innovations have had widespread effects, but also that the demand for money is not generally less stable now than it was before those changes occurred.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund