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Wealth, Financial Liberalization, and the Demand for Money in Japan

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  • Robert Corker

    (International Monetary Fund)

Abstract

Estimates are presented of a demand function for broad money in Japan that explains both secular trends in the income velocity of broad money during the 1970s and 1980s and the acceleration in the decline in velocity during 1986-88. The paper concludes that wealth effects and the opportunity cost of holding broad money can explain the developments in velocity. In the period 1986-88, these variables were strongly influenced by the rapid pace of financial liberalization in Japan.

Suggested Citation

  • Robert Corker, 1990. "Wealth, Financial Liberalization, and the Demand for Money in Japan," IMF Staff Papers, Palgrave Macmillan, vol. 37(2), pages 418-432, June.
    • Handle: RePEc:pal:imfstp:v:37:y:1990:i:2:p:418-432
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    Cited by:

    1. Maria Soledad Martinez Peria, 2002. "The Impact of Banking Crises on Money Demand and Price Stability," IMF Staff Papers, Palgrave Macmillan, vol. 49(3), pages 1-1.
    2. Jun Nagayasu, 2012. "Financial innovation and regional money," Applied Economics, Taylor & Francis Journals, vol. 44(35), pages 4617-4629, December.
    3. Bruce Kasman, 1993. "A comparison of monetary policy operating procedures in six industrial countries," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    4. John E. Morton & Paul R. Wood, 1993. "Interest rate operating procedures of foreign central banks," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    5. Mr. Subramanian S Sriram, 1999. "Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Models," IMF Working Papers 1999/064, International Monetary Fund.
    6. Nagayasu, Jun, 2003. "A re-examination of the Japanese money demand function and structural shifts," Journal of Policy Modeling, Elsevier, vol. 25(4), pages 359-375, June.
    7. Robert B. Kahn & Linda S. Kole, 1993. "Monetary transmission channels in major foreign industrial countries," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    8. Darrat, Ali F. & Al-Mutawa, Ahmed & Benkato, Omar M., 1996. "On currency substitution and money demand instability," International Review of Economics & Finance, Elsevier, vol. 5(3), pages 321-334.
    9. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.

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