Money Demand Stability and Currency Substitution in Six European Countries, 1980-1992Bank for International Settlements, Monetary and Economic Department, 1995 - Currency question - 57 pages |
From inside the book
Results 1-3 of 13
Page 8
... devaluation of the currency is expected , residents reduce their domestic money balances and increase foreign currency denominated liquid assets whose return - namely the expected devaluation of the domestic currency - has increased ...
... devaluation of the currency is expected , residents reduce their domestic money balances and increase foreign currency denominated liquid assets whose return - namely the expected devaluation of the domestic currency - has increased ...
Page 13
... devaluation expectations are difficult to quantify and the use of uncovered interest parity may not measure expected devaluation appropriately as argued , for example , by Branson ( 1994 ) . In the European context , Angeloni ...
... devaluation expectations are difficult to quantify and the use of uncovered interest parity may not measure expected devaluation appropriately as argued , for example , by Branson ( 1994 ) . In the European context , Angeloni ...
Page 26
... expected devaluation is significant . In the case of the United Kingdom , for which the Bertola and Svensson index ... expected rate of depreciation of the Deutsche Mark , the French franc or the Italian lira in the case of Belgium ...
... expected devaluation is significant . In the case of the United Kingdom , for which the Bertola and Svensson index ... expected rate of depreciation of the Deutsche Mark , the French franc or the Italian lira in the case of Belgium ...
Common terms and phrases
3-month interbank 80 81 Recursive ADF(D ADF(L Angelini Arch Banca d'Italia Belgium Bertola and Svensson Box-Pierce Chow F Chart cointegrating countries currency substitution D.F. Hendry demand for money demand for real Deutsche Mark economic properties effects on money error-correction model estimated equations European expected devaluation expected rate explanatory variables Fase and Winder financial innovation forward premium France French franc GDP deflator Germany indicators and tests inflation Italian lira Italy Jarque-Bera levels of restrictions liberalisation Ljung-Box Log Likelihood long-run elasticity long-term interest rates Marginal significance levels monetary aggregates monetary policy money balances money demand equations money holdings money stock Netherlands out-of-sample price homogeneity price level Probability Recursive Residuals rate on money real balances Real GDP real income elasticities RESET(2 RESET(3 restrictions on coefficients Sample breakpoint 88.1 Savings deposits Short-term interest rate short-term rates spot exchange rate stability Statistical indicators studies term structure trend United Kingdom vis-à-vis the Deutsche ΔΡ