Cross-Country Estimates of the Demand for Money and Its Components

Lawrence Kenny

Economic Inquiry, 1991, vol. 29, issue 4, 696-705

Abstract: The demand for money aggregates (M1, M2) and their components (currency, demand deposits, and time deposits) are estimated using a sample of 103 countries at two time periods. Money demand is found to be affected by age, literacy, industrial development, and political structure, as well as income and inflation. This expanded demand function helps to explain the considerable changes in money demand found across countries. The knowledge thus gained is useful for understanding differences in monetary and taxation policies across countries. Copyright 1991 by Oxford University Press.

Date: 1991
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