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The Implications of Cross-Border Monetary Aggregation

Author

Listed:
  • Mr. Timothy D. Lane
  • Jeroen J. M. Kremers

Abstract

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European Central Bank. This paper uses a theoretical error-invariables framework to identify what is gained and what may be lost through cross-border aggregation of money demand. It provides an analytical basis for such studies, paying particular attention to currency substitution and international portfolio diversification.

Suggested Citation

  • Mr. Timothy D. Lane & Jeroen J. M. Kremers, 1992. "The Implications of Cross-Border Monetary Aggregation," IMF Working Papers 1992/071, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1992/071
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    Cited by:

    1. Carlo Monticelli, 1993. "'All the money in europe?' An investigation of the economic properties of EC-wide extended monetary aggregates," BIS Working Papers 19, Bank for International Settlements.

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