Wealth Effects on Money Demand in EMU: Econometric Evidence
This paper investigates the determinants of money demand (M3) in the euro area. It specifically examines the potential impact of financial and housing wealth on money demand. It tests the hypothesis, whether wealth associated with increases in asset prices is used to finance liquidity holdings in a...
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| Main Author: | |
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| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2004
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | This paper investigates the determinants of money demand (M3) in the euro area. It specifically examines the potential impact of financial and housing wealth on money demand. It tests the hypothesis, whether wealth associated with increases in asset prices is used to finance liquidity holdings in a standard portfolio context. Regressing velocity on interest rates and a wealth variable (a composite of residential property and stocks) within an error-correction framework provides evidence of positive wealth effects from financial and housing assets on money demand in the long run, but no significant impact in the short run. Tests suggests that the long-run and dynamic money demand equations are stable and have not been disrupted by the adoption of the euro on 1 January 1999, while the impact of wealth on money demand may have increased ... |
| Physical Description: | 1 Online-Ressource (19 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/437345756132 |
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| spelling | Boone, Laurence Verfasser aut Wealth Effects on Money Demand in EMU Econometric Evidence Laurence Boone, Fanny Mikol and Paul van den Noord = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire : Une analyse économétrique / Laurence Boone, Fanny Mikol et Paul van den Noord Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire Paris OECD Publishing 2004 1 Online-Ressource (19 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper investigates the determinants of money demand (M3) in the euro area. It specifically examines the potential impact of financial and housing wealth on money demand. It tests the hypothesis, whether wealth associated with increases in asset prices is used to finance liquidity holdings in a standard portfolio context. Regressing velocity on interest rates and a wealth variable (a composite of residential property and stocks) within an error-correction framework provides evidence of positive wealth effects from financial and housing assets on money demand in the long run, but no significant impact in the short run. Tests suggests that the long-run and dynamic money demand equations are stable and have not been disrupted by the adoption of the euro on 1 January 1999, while the impact of wealth on money demand may have increased ... Economics Euro Area Mikol, Fanny ctb van den Noord, Paul ctb https://doi.org/10.1787/437345756132 Verlag kostenfrei Volltext |
| spellingShingle | Boone, Laurence Wealth Effects on Money Demand in EMU Econometric Evidence Economics Euro Area |
| title | Wealth Effects on Money Demand in EMU Econometric Evidence |
| title_alt | Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire |
| title_auth | Wealth Effects on Money Demand in EMU Econometric Evidence |
| title_exact_search | Wealth Effects on Money Demand in EMU Econometric Evidence |
| title_exact_search_txtP | Wealth Effects on Money Demand in EMU Econometric Evidence |
| title_full | Wealth Effects on Money Demand in EMU Econometric Evidence Laurence Boone, Fanny Mikol and Paul van den Noord = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire : Une analyse économétrique / Laurence Boone, Fanny Mikol et Paul van den Noord |
| title_fullStr | Wealth Effects on Money Demand in EMU Econometric Evidence Laurence Boone, Fanny Mikol and Paul van den Noord = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire : Une analyse économétrique / Laurence Boone, Fanny Mikol et Paul van den Noord |
| title_full_unstemmed | Wealth Effects on Money Demand in EMU Econometric Evidence Laurence Boone, Fanny Mikol and Paul van den Noord = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire : Une analyse économétrique / Laurence Boone, Fanny Mikol et Paul van den Noord |
| title_short | Wealth Effects on Money Demand in EMU |
| title_sort | wealth effects on money demand in emu econometric evidence |
| title_sub | Econometric Evidence |
| topic | Economics Euro Area |
| topic_facet | Economics Euro Area |
| url | https://doi.org/10.1787/437345756132 |
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