The demand for broad money in the United Kingdom and in West Germany: a comparative dynamic short-run study

Philip Arestis, Iris Biefang-Frisancho, P. G. A. Howells and Hans-Michael Trautwein

Applied Economics Letters, 1995, vol. 2, issue 4, 95-97

Abstract: This paper examines the short-run adjustment process in the demand for money in the UK and in Germany with a view, particularly, to exploring the consequences of the different experiences of financial innovation in the two countries. Our hypothesis was that interest rate relativities might play a larger role in the UK where a major innovation of the last twenty years has been the rise in the proportion of deposits paying market-sensitive interest rates. The estimations of the short-run dynamic equations, which are satisfactory for both countries, confirmed our view.

Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:2:y:1995:i:4:p:95-97

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DOI: 10.1080/758529810

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