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Financial Innovation, Banking and Monetary Aggregates
Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates.
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Critical Acclaim
Contributors
Contents
More Information
Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates.
Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or ‘moneyness’, of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.
Financial Innovation, Banking and Monetary Aggregates will be welcomed by economists and financiers for questioning traditional assumptions about the usefulness of monetary aggregates and for its discussion of the wider implications of financial innovation in the banking sector.
Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or ‘moneyness’, of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.
Financial Innovation, Banking and Monetary Aggregates will be welcomed by economists and financiers for questioning traditional assumptions about the usefulness of monetary aggregates and for its discussion of the wider implications of financial innovation in the banking sector.
Critical Acclaim
‘The book is likely to become a useful companion to anyone who has an interest in the empirical application of Divisia models.’
– Paul Mizen, The Economic Journal
‘ . . . the volume is an important addition to the existing literature on monetary aggregation and hence a wide range of readers – researchers, policymakers, and practitioners of monetary management – should find the same stimulating, informative and highly useful.’
– Debashis Acharya, Kyklos
– Paul Mizen, The Economic Journal
‘ . . . the volume is an important addition to the existing literature on monetary aggregation and hence a wide range of readers – researchers, policymakers, and practitioners of monetary management – should find the same stimulating, informative and highly useful.’
– Debashis Acharya, Kyklos
Contributors
Contributors: M.T. Belongia, J.L. Ford, W. Gaab, E. Gaiotti, H. Genberg, K. Hirayama, M. Kasuya, S. Lecarpenter, A. Mullineux, S. Neftci
Contents
Contents: 1. Monetary Aggregates and Monetary Policy: Some Introductory Remarks (A. Mullineux) 2. Financial Innovation and Monetary Aggregates in the UK, 1977–1933 (J.L. Ford and A. Mullineux) 3. Measuring Money with a Divisia Index: An Application to Italy (E. Gaiotti) 4. Monetary Aggregates in Switzerland (H. Genberg and S. Neftci) 5. Financial Deregulation and Divisia Monetary Aggregates in Japan ( K. Hirayama and Ml. Kasuya) 6. Financial Innovations, Banking and Monetary Aggregation: The Case of the United States (M.T. Belongia) 7. Divisia in Germany (W. Gaab) 8. Divisia Monetary Aggregates: A Survey in the Case of France (S. Lecarpentier)
