IMF Staff papers Volume 18 No. 3

This paper discusses the implications for credit policy of changes in the income velocity of money; it neglects other policy elements of financial programs unless they have a direct bearing on velocity changes. Control over credit expansion by domestic banks is used to influence expenditure decision...

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Bibliographic Details
Corporate Author: International Monetary Fund Research Dept
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1971
Series:IMF Staff Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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300 |a 283 pages 
651 4 |a United States 
653 |a Depository Institutions 
653 |a Income 
653 |a Banks 
653 |a Labour; income economics 
653 |a Banks and banking 
653 |a Currency; Foreign exchange 
653 |a Monetary economics 
653 |a Personal income 
653 |a Unemployment: Models, Duration, Incidence, and Job Search 
653 |a Micro Finance Institutions 
653 |a Unemployment 
653 |a Trade: General 
653 |a Exports and Imports 
653 |a Mortgages 
653 |a International economics 
653 |a National accounts 
653 |a Personal Income, Wealth, and Their Distributions 
653 |a Money 
653 |a Labor 
653 |a Foreign Exchange 
653 |a Demand for Money 
653 |a Exports 
653 |a Banks and Banking 
653 |a Currencies 
653 |a Demand for money 
653 |a Macroeconomics 
653 |a Exchange rates 
653 |a Money and Monetary Policy 
653 |a Foreign exchange 
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520 |a This paper discusses the implications for credit policy of changes in the income velocity of money; it neglects other policy elements of financial programs unless they have a direct bearing on velocity changes. Control over credit expansion by domestic banks is used to influence expenditure decisions, since the availability of credit has a strong impact on expenditures on domestic and foreign goods and services and, possibly, on net capital flows and, therefore, on the balance of payments. The paper also describes some relationships between monetary and national income accounts in order to identify the changes in velocity that must be considered in determining credit policies. The relevance of incorporating lags into the demand for money function has been mentioned earlier. Lags in the formation of expectations within a country usually can be expected to change only slowly over time and, therefore, can be assumed constant in the estimation of the demand for money function