FINANCIAL INNOVATION AND THE LONG-RUN DEMAND FOR MONEY IN THE UNITED-KINGDOM AND IN WEST-GERMANY

被引：0

作者：

MARISCAL, IBF ^{[1
]}

TRAUTWEIN, HM ^{[1
]}

HOWELLS, P ^{[1
]}

ARESTIS, P ^{[1
]}

HAGEMANN, H ^{[1
]}

机构：

[1] UNIV HOHENHEIM,INST VOLKSWIRTSCHAFTSLEHRE 520,D-70593 STUTTGART,GERMANY

来源：

WELTWIRTSCHAFTLICHES ARCHIV-REVIEW OF WORLD ECONOMICS | 1995年 / 131卷 / 02期

关键词：

D O I：

10.1007/BF02707437

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper uses a cointegration model to compare the long-run demand for broad money in the UK and (West) Germany during the period 1963Q1-1990Q2. In the long-run demand function for Germany, real M3 is determined in classical manner by real income and a single opportunity cost variable. By contrast, the UK demand function requires in addition an explicit own rate on money as well as a risk variable. The income elasticity is also very high. These differences reflect the more rapid pace of financial innovation in the UK in the 1970s and 1980s.

引用

页码：302 / 325

页数：24

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