Money Stock, Bank Credit, and Interest Formation in an Open Economy: The French Case |
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analysis bank credit market banking system's demand Banque de France behavior borrowing function ceiling Central Bank Central Bank's rate changes close economy coefficients of determination decrease demand for base demand for borrowing demand for domestic demand for loans dependent variable deposit rate discount rate domestic demand deposits domestic loans domestic time deposits dummy variables Durbin-Watson statistics E.D. market earning assets elasticities eligible papers empirical Equation number equilibrium Euro-dollar market Euro-dollar rate excess base money excess reserves exogenous variables foreign exchange foreign reserves Furthermore government securities Hence holdings of base increase induce influence liquidity loan coefficient loan market loan rate loan supply monetary authorities monetary base monetary policy monetary processes money and credit money illusion money stock multiplier negative non-residents open economy postal deposits price level public's demand ratio rediscount required reserves reserve requirement significant TABLE TSLS ESTIMATES volume of loans wealth effect yield