Monetary Aggregates and Monetary Policy Coordination on the Way to Economic and Monetary Union: The Role of Cross-border DepositsDespues de analizar la estructura de los depositos transfronterizos en los paises de la CE durante los 80, construye y compara 3 agregados monetarios nacionales hipoteticos, que incluyen este tipo de depositos, para Alemania, Francia e Italia, y algunas medidas de la oferta monetaria en la CEE. A continuacion realiza una comparacion empirica, para Alemania y Francia, entre agregados monetarios ampliados hipoteticos y los tradicionales, en terminos de su relacion con el ingreso nominal y obtiene conclusiones sobre las predicciones de la evolucion futura de dicho ingreso a partir de las definiciones monetarias ampliadas o de las tradicionales en el caso de ambos paises. Contiene cuadros estadisticos y bibliografia. (igm). |
Contents
deposits CBDS in the EEC countries in the eighties | 6 |
The evolution of monetary aggregates in Germany | 22 |
4 | 33 |
1 other sections not shown
Common terms and phrases
aggregate defined assets held AUGMENTED DICKEY-FULLER TESTS Autoregressive Banca d'Italia Belgium billion dollars calculations based cell 2 cell cent of income Committee of Governors countries adhering Cross-border components Cross-Border Deposits currency of denomination definitions of money Deutsche Mark domestic banks domestic currency domestic sited banks domestic-sited banks ERM fluctuation band exchange rate F-tests febbraio Figure foreign sited banks foreign sited domestic France Germany Germany and France Giucca Granger causality growth rates held by non-bank held by non-residents held by residents home banks interest rate International Banking Italy liquid assets luglio Luxembourg m3 residents M3 traditional monetary policy Monetary Targets money stock narrow ERM fluctuation national monetary aggregates Netherlands nominal income null hypothesis number of lags OECD percentage quarter relationship between money reserve currencies reserve ratios resident holders RESIDENTS NON-RESIDENTS short-term interest rate significance Table Test statistic traditional and extended unconstrained model unit root United Kingdom velocity of circulation