Currency Substitution and Cross-Border Monetary Aggregation: Evidence From the G-7
Summary:
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.
Series:
Working Paper No. 1992/081
Subject:
Currencies Demand for money Dollarization Exchange rates Foreign exchange Monetary policy Money National accounts Personal income
Notes:
A multi-country empirical study of money demand for the G-7 countries during the period since 1973.
English
Publication Date:
October 1, 1992
ISBN/ISSN:
9781451955040/1018-5941
Stock No:
WPIEA0811992
Pages:
36
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