Wealth Effects on Money Demand in EMU: Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire
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
no.411 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| 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. |
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| spelling | Boone, Laurence VerfasserIn aut Wealth Effects on Money Demand in EMU Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire Laurence, Boone, Fanny, Mikol and 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. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.411 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 MitwirkendeR ctb van den Noord, Paul MitwirkendeR ctb |
| spellingShingle | Boone, Laurence Wealth Effects on Money Demand in EMU Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire Economics Euro Area |
| title | Wealth Effects on Money Demand in EMU Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire |
| 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 = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire |
| title_exact_search | Wealth Effects on Money Demand in EMU Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire |
| title_full | Wealth Effects on Money Demand in EMU Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire Laurence, Boone, Fanny, Mikol and Paul, van den Noord |
| title_fullStr | Wealth Effects on Money Demand in EMU Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire Laurence, Boone, Fanny, Mikol and Paul, van den Noord |
| title_full_unstemmed | Wealth Effects on Money Demand in EMU Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire Laurence, Boone, Fanny, Mikol and Paul, van den Noord |
| title_short | Wealth Effects on Money Demand in EMU |
| title_sort | wealth effects on money demand in emu econometric evidence les effets de richesse sur la demande de monnaie dans l union economique et monetaire |
| title_sub | Econometric Evidence = Les effets de richesse sur la demande de monnaie dans l'union économique et monétaire |
| topic | Economics Euro Area |
| topic_facet | Economics Euro Area |
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