Currency Substitution and Cross-Border Monetary Aggregation : Evidence From the G-7

Author/Editor:

Timothy D. Lane ; Stephen S. Poloz

Publication Date:

October 1, 1992

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

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. 92/81

Subject:

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

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

36

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