Cross-country Evidence on the Demand for Money

Apostolos Serletis and Jason Vaccaro
Additional contact information
Jason Vaccaro: University of Calgary, Department of Economics, Postal: 2500 University Drive NW Calgary Alberta Canada T2N 1N4 ,, http://econ.ucalgary.ca/

Economia Internazionale / International Economics, 2006, vol. 59, issue 2, 199-224

Abstract: In this article we examine money demand issues using cross-country data, for 48 countries over the 1980-1995 period. In particular, we investigate conventional money demand functions, for both narrow and broad aggregates, and the role that institutions, financial structure and financial development may have in the demand for money. On the basis of possible heterogeneity within the cross-country data set, we exploit Bayesian classification and finite mixture models to partition the data based on statistical similarities and multi-dimensional structures. Are-examination of our initial regression results indicates that a great deal of heterogeneity exists between different groups of countries.

Keywords: Cross-country estimates; Bayesian classification (search for similar items in EconPapers)
JEL-codes: C21 E41 E50 (search for similar items in EconPapers)
Date: 2006
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Related works:
Chapter: Cross-Country Evidence on the Demand for Money (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0085

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