Money Market Development and the Demand for Money: Some Preliminary Evidence

Bruce C. Cohen

Journal of Financial and Quantitative Analysis, 1971, vol. 6, issue 4, 1155-1157

Abstract: George Kaufman and Cynthia Latta in “The Demand for Money: Preliminary Evidence from Industrial Countries,” have presented econometric evidence that the money-demand function may shift with the development of financial markets. The thesis depends on the heightened cross-elasticities and lowered wealth-elasticities (or income-elasticities) that are supposed to attend the development of new near-money forms. Their evidence is based on a summary of statistics from money-demand equations for developed and less-developed countries.

Date: 1971
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