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Financial deregulation, the demand for money, and monetary policy in Australia

Author

Listed:
  • P. A. V. B. Swamy
  • George S. Tavlas

Abstract

Factors contributing to the deregulation of the Australian financial system are reviewed and the implications of deregulation are discussed for the transmission mechanism of monetary policy, the interest elasticity of money balances, and the stability of money demand. Several models of money demand, using three definitions of money, are estimated by both fixed- and random-coefficient techniques. Empirical results provide evidence that financial deregulation has led to a breakdown in the well-behaved money demand relationships that held in the regulated financial environment.
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Suggested Citation

  • P. A. V. B. Swamy & George S. Tavlas, 1987. "Financial deregulation, the demand for money, and monetary policy in Australia," Special Studies Papers 222, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgsp:222
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    Cited by:

    1. George S. Tavlas, 1989. "Interpreting Keynes: Reflections on the Leijonhufvud-Yeager Discussion," Cato Journal, Cato Journal, Cato Institute, vol. 9(1), pages 237-252, Spring/Su.
    2. Akhand Hossain, 2012. "Modelling of narrow money demand in Australia: an ARDL cointegration approach, 1970–2009," Empirical Economics, Springer, vol. 42(3), pages 767-790, June.
    3. Lim, Lee Kian, 1995. "Cointegration and an error correction model of money demand for Australia," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 39(3), pages 293-297.
    4. Glennon, Dennis & Lane, Julia, 1996. "Financial innovation, new assets, and the behavior of money demand," Journal of Banking & Finance, Elsevier, vol. 20(2), pages 207-225, March.
    5. George S. Tavlas, 2000. "On the Exchange Rate as a Nominal Anchor: The Rise and Fall of the Credibility Hypothesis," The Economic Record, The Economic Society of Australia, vol. 76(233), pages 183-201, June.
    6. Christopher Bajada, 2002. "Estimating The Uses Of Currency In Australia," Economic Papers, The Economic Society of Australia, vol. 21(3), pages 14-30, September.

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