Traditional specifications of money demand have commonly been plagued by persistent overprediction, implausible parameter estimates, and highly autocorrelated errors. The authors argue that some of these problems stem from the failure to account for the impact of financial innovation. They estimate money demand for ten developing countries, using various proxies for financial innovations. They also assess the relative importance of this variable...
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详细
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1991/07/31
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政策研究报告
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WPS721
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1
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1
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2010/07/01
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The demand for money in developing countries : assessing the role of financial innovation
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financial innovation