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Cross-Border Deposits and Monetary Aggregates in the Transition to EMU

This paper discusses the effect of cross-border deposits (CBDs) for the stability of the relation between monetary aggregates and nominal GDP in the five largest EC countries. The analysis is developed in terms of “information content” of alternative money definitions (including or excluding selecte...

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Bibliographic Details
Main Author: Angeloni, Ignazio
Other Authors: Levy, Aviram, Cottarelli, Carlo
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1991
Series:IMF Working Papers
Subjects:
Government And The Monetary System
Payment Systems
Income
Monetary Economics
Regimes
Personal Income
Monetary Policy, Central Banking, And The Supply Of Money And Credit: General
Financial Aspects Of Economic Integration
Monetary Aggregates
National Accounts
Personal Income, Wealth, And Their Distributions
Money
Money Supply
Monetary Base
Standards
Demand For Money
Currencies
Monetary Systems
Macroeconomics
Monetary Policy
Money And Monetary Policy
United Kingdom
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper discusses the effect of cross-border deposits (CBDs) for the stability of the relation between monetary aggregates and nominal GDP in the five largest EC countries. The analysis is developed in terms of “information content” of alternative money definitions (including or excluding selected subsets of CBDs), derived from a multicountry simultaneous system of money demand equations. We show that in the most recent period traditional money aggregates have lost information value and that they are dominated by alternative money definitions that include CBDs, such as those based on the residency of the holder or on the currency of denomination
Physical Description:60 pages
ISBN:9781451853742

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