Factors Underlying the Definition of Broad Money : An Examination of Recent U.S. Monetary Statistics and Practices of Other Countries

The paper examines the experiences of countries in defining monetary aggregates, particularly those countries that have undertaken substantial redefinitions. It finds that both the functional and empirical approaches are important; and that monetary definitions tend to be dynamic in nature, becoming prone to revisions whenever the current definition no longer satisfies both criteria. While countries may adhere to both approaches, monetary definitions may still vary across countries, reflecting specific institutional settings and the requirements of the empirical approach. This finding supports the approach in the IMF's Monetary and Financial Statistics Manual of not prescribing specific definitions of broad money.
Publication date: March 2003
ISBN: 9781451848304
$15.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
English
Prices in red indicate formats that are not yet available but are forthcoming.
Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Industries- General , Industries- General , Definitions Money , aggregates , money market , inflation , monetary aggregate , Macroeconomics and Monetary Economics: General , Money and Interest Rates , Monetary Policy , Central Banking , and the Supply of Money and Credit

Summary