Analyse dynamique de la convergence des comportements de demande de monnaie en Europe*

Sylvie Lecarpentier-Moyal and Patricia Renou-Maissant
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Sylvie Lecarpentier-Moyal: CREM, Université de Rennes I
Patricia Renou-Maissant: CREM, Université de Caen

L'Actualité Economique, 2007, vol. 83, issue 3, 321-357

Abstract: The aim of this paper is to study the structural convergence of money demand functions in six European countries (German reunification, France, Spain, Italy, the United Kingdom, the Netherlands). We present a dynamic analysis of structural changes that affect national money demand coefficients (elasticity and semi-elasticity) during the 1982-1997’s period. If heterogenous behaviours appear, we can observe, in pre-EMU countries, an increase in the inflation rate’s dispersion; that can cause problems for the EBC in its choice of monetary strategy. The results allow us to identify a process of monetary convergence though it is not achieved, the homogeneity of the behaviour having been observed only in one case (M2 aggregate in the Netherlands). L’objet de cet article est l’étude de la convergence structurelle des comportements de demande de monnaie dans six pays européens (Allemagne réunifiée, Espagne, France, Italie, Pays-Bas, Royaume-Uni) avant la mise en place de l’euro en 1999. Nous effectuons une analyse dynamique des changements structurels qui affectent les coefficients (élasticités ou semi-élasticités) des fonctions de demandes de monnaie nationales sur la période 1982-1997.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ris:actuec:v:83:y:2007:i:3:p:321-357

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