Money demand in an open economy

研究成果: Article査読

7 被引用数 (Scopus)

抄録

This paper considers the specification of the demand for money in Japan in an open economy context. The importance of considering the rates of return on foreign-currency-denominated assets and disaggregating money by currency denomination and the residence of the holder is emphasized. Estimated money demand equations for resident holdings of yen-denominated M1 and M2 are presented. These equations are used to determine the quantitative impact of the 1980 foreign exchange law on portfolio substitution between domestic money and foreign assets. Portfolio shifts in response to changes in economic variables and the foreign exchange law do not seem to have had a significant influence on the demand for money in Japan.

本文言語English
ページ(範囲)176-198
ページ数23
ジャーナルJournal of The Japanese and International Economies
6
2
DOI
出版ステータスPublished - 1992 6月
外部発表はい

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

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