Please use this identifier to cite or link to this item: http://hdl.handle.net/1822/1282

TitleCurrency substitution and money demand in Euroland
Author(s)Freitas, Miguel Lebre de
KeywordsEMU
Money Demand
International Currencies
Currency Substitution
Issue date2003
PublisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
Series/Report no.Working paper series
11
Abstract(s)This papers tests the stability of the demand for money in the euro area in the context of an open economy. A sample consisting of quarterly data covering the 1982:2-1999:3 period is considered. The main finding is that the US long term rate of interest plays a significant role in the European money demand relationship. This result holds for different combinations of variables forming the vector auto-regressive system and suggests that currency substitution vis-à-vis the US dollar may be an important factor influencing the ECB monetary policy.
TypeWorking paper
URIhttp://hdl.handle.net/1822/1282
AccessOpen access
Appears in Collections:NIPE - Documentos de Trabalho

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