000043999 001__ 43999
000043999 005__ 20181130200110.0
000043999 0247_ $$2Other$$aPrint ISSN 1514-0326
000043999 0247_ $$2Other$$aOnline ISSN 1667-6726
000043999 037__ $$a1510-2016-130961
000043999 037__ $$a1510-2016-131044
000043999 041__ $$aen
000043999 084__ $$aE41
000043999 084__ $$aF33
000043999 084__ $$aE52
000043999 084__ $$aE47
000043999 245__ $$aCurrency Substitution and the Demand for Money in Five European Union Countries
000043999 260__ $$c2003-11
000043999 269__ $$a2003-11
000043999 300__ $$a23
000043999 336__ $$aJournal Article
000043999 520__ $$aThe high degree of economic integration has led to an increased degree of currency substitution in the EU countries, which could bring instability in national money demand functions while an EU-wide money demand function could be more stable. Currency substitution usually takes the form of cross border deposits (CBD), which are not included in the traditional monetary aggregates. Thus, extended monetary aggregates that include the relevant CBDs are defined in this study. In order to investigate the implications of currency substitution for the stability of the demand functions, the traditional and extended monetary aggregates for five EU countries are defined in addition to EU-wide monetary aggregates. The estimated EU-wide demand for extended money appears to be stable suggesting that there is scope for monetary policy at the European level. However, the stability of the area-wide aggregate has been impaired when the relevant CBDs are not included.
000043999 542__ $$fLicense granted by Valeria Dowding (jae@cema.edu.ar) on 2008-10-08T18:18:38Z (GMT):

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000043999 650__ $$aFinancial Economics
000043999 6531_ $$acurrency substitution
000043999 6531_ $$across border deposits
000043999 6531_ $$aextended monetary aggregates
000043999 6531_ $$ademand for money
000043999 6531_ $$avector autoregression
000043999 700__ $$aYildirim, Julide
000043999 773__ $$dNovember 2003$$j 06$$k 2$$o383$$q361$$tJournal of Applied Economics
000043999 8564_ $$s56334$$uhttp://ageconsearch.umn.edu/record/43999/files/yildirim.pdf
000043999 887__ $$ahttp://purl.umn.edu/43999
000043999 909CO $$ooai:ageconsearch.umn.edu:43999$$pGLOBAL_SET
000043999 912__ $$nSubmitted by Valeria Dowding (jae@cema.edu.ar) on 2008-10-08T18:22:27Z
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  Previous issue date: 2003-11
000043999 982__ $$gJournal of Applied Economics>Volume 6, Number 2, November 2003
000043999 980__ $$a1510