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Title:Currency substitution and the stability of the Italian demand for money before the entry into the monetary union, 1972 - 1998 PDF Logo
Authors:Nielsen, Hannah
Tullio, Giuseppe
Wolters, Jürgen
Issue Date:2000
Series/Report no.:Discussion Papers, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes 2000,66
Abstract:A money demand function for M2 is estimated for Italy for the period 1972-1998 within an error correction framework. This period has been characterized by major structural changes in the Italian financial system and by major changes in monetary policy. This study takes these changes into account. Moreover, currency substitution, especially between Italy and Germany is incorporated into the model. By accounting for structural breaks and currency substitution a stable money demand function can be found.
Subjects:Money demand
error correction model
structural changes
Persistent Identifier of the first edition:urn:nbn:de:kobv:11-10047928
Document Type:Working Paper
Appears in Collections:Discussion Papers, SFB 373, HU Berlin

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