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The Implications of Cross-Border Monetary Aggregation
Mr.Timothy D. LaneJeroen J. M. Kremers
出版International Monetary Fund, 1992-09-01
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / Economics / Macroeconomics
ISBN14519597889781451959789
URLhttp://books.google.com.hk/books?id=Io0YEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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.