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The myth of a stable European money demand

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Author Info
Ivo Arnold

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Abstract

Recent empirical studies suggest that an aggregate EC-wide money demand function is more stable than national money demand functions in the European Community. If true, this would facilitate monetary policy after Economic and Monetary Union. The evidence presented in this paper, however, shows that in general there is no relationship between the size of a currency area and the stability of its demand for money. I conclude that the stability of European money demand is a statistical artifact and has nothing to say about money demand stability in a future larger European currency area. Copyright Kluwer Academic Publishers 1994

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File URL: http://hdl.handle.net/10.1007/BF01000911
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Publisher Info
Article provided by Springer in its journal Open Economies Review.

Volume (Year): 5 (1994)
Issue (Month): 3 (July)
Pages: 249-259
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Handle: RePEc:kap:openec:v:5:y:1994:i:3:p:249-259

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Related research
Keywords: money demand; EMU; aggregation;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Fair, Ray C, 1987. "International Evidence on the Demand for Money," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 473-80, August. [Downloadable!] (restricted)
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  2. Carlo Monticelli & Marc-Olivier Strauss-Kahn, 1992. "European integration and the demand for broad money," BIS Working Papers 18, Bank for International Settlements. [Downloadable!]
  3. Angeloni, I. & Cottarelli, C. & Levy, A., 1992. "Cross-Border Deposits and Monetary Aggregates in the Transition to EMU," Papers 163, Banca Italia - Servizio di Studi.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Frank Butter & Simon Dijken, 1997. "The Information Contents of Aggregated Money Demand in the EMU," Open Economies Review, Springer, vol. 8(3), pages 233-244, July. [Downloadable!] (restricted)
  2. Giacomo Sbrana, 2008. "On the use of area-wide models in the Euro-zone," Statistical Methods and Applications, Springer, vol. 17(4), pages 499-518, October. [Downloadable!] (restricted)
  3. Wesche, Katrin, 1996. "Aggregation Bias in Estimating European Money Demand Functions," Discussion Paper Serie B 393, University of Bonn, Germany. [Downloadable!]
  4. C. Müller & E. Hahn, . "Money Demand in Europe: Evidence from the Past," Sonderforschungsbereich 373 2000-35, Humboldt Universitaet Berlin.
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  5. Roberta Zizza, 2002. "Forecasting the industrial production index for the euro area through forecasts for the main countries," Temi di discussione (Economic working papers) 441, Bank of Italy, Economic Research Department. [Downloadable!]
  6. Miguel Lebre de Freitas, 2003. "Currency substitution and money demand in Euroland," NIPE Working Papers 11/2003, NIPE - Universidade do Minho. [Downloadable!]
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  7. Bernd Hayo, 1999. "The Demand For Money In Austria," Macroeconomics 9902012, EconWPA. [Downloadable!]
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  8. Luca Dedola & Eugenio Gaiotti & Luca Silipo, 2004. "Money Demand in theEuroArea: Do National Differences Matter?," Macroeconomics 0404019, EconWPA, revised 24 Apr 2004. [Downloadable!]
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  9. Frank Browne & Gabriel Fagan & Jerome Henry, 2005. "Money Demand in EU Countries: A Survey," Macroeconomics 0503004, EconWPA. [Downloadable!]
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  10. Michael Funke, 2001. "Money Demand in Euroland," Quantitative Macroeconomics Working Papers 20112, Hamburg University, Department of Economics. [Downloadable!]
    Other versions:
  11. Mohesen Bahmani-Oskooee & Sungwon Shin, 2002. "Stability Of The Demand For Money In Korea," International Economic Journal, Korean International Economic Association, vol. 16(2), pages 85-95, June. [Downloadable!] (restricted)
  12. Ivo J.M. Arnold & Casper G. de Vries, 1999. "Endogenous Financial Structure and the Transmission of ECB Policy," Tinbergen Institute Discussion Papers 99-021/2, Tinbergen Institute. [Downloadable!]
  13. Miguel Lebre de Freitas, 2003. "EU-wide money and currency substitution," Working Papers de Economia (Economics Working Papers) 09, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro. [Downloadable!]
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  14. Ivo J.M. Arnold & Casper G. de Vries, 1998. "The EURO, Prudent Coherence?," Tinbergen Institute Discussion Papers 98-070/2, Tinbergen Institute. [Downloadable!]
  15. Bernd Hayo, 1998. "Estimating a European Demand for Money," Macroeconomics 9811008, EconWPA. [Downloadable!]
    Other versions:
  16. Philip Arestis & Malcolm Sawyer, 2001. "Will the Euro Bring Economic Crisis to Europe?," Macroeconomics 0103003, EconWPA. [Downloadable!]
    Other versions:
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