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Author/Editor:
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Lim, Ewe-Ghee ; Sriram, Subramanian S.
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Publication Date:
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March 01, 2003
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Electronic Access:
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Free Full text
(PDF file size is 1,262KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
The paper examines the experiences of countries in defining monetary aggregates, particularly those countries that have undertaken substantial redefinitions. It finds that both the functional and empirical approaches are important; and that monetary definitions tend to be dynamic in nature, becoming prone to revisions whenever the current definition no longer satisfies both criteria. While countries may adhere to both approaches, monetary definitions may still vary across countries, reflecting specific institutional settings and the requirements of the empirical approach. This finding supports the approach in the IMF's Monetary and Financial Statistics Manual of not prescribing specific definitions of broad money.
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Order a print copy
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Series:
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Working Paper No. 03/62
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Subject(s):
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Money | United States | United Kingdom | Euro area | Monetary aggregates | Economic models
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Author's Keyword(s):
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Definitions Money | Monetary Aggregates | United States | United Kingdom | Euro Area |
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English
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Publication Date:
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March 01, 2003
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA0622003
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Pages:
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35
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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