کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7342269 | 1476250 | 2018 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Measuring substitution in China's monetary-assets demand system
ترجمه فارسی عنوان
تعویض اندازه گیری در سیستم تقاضای پول و دارایی چینی
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper examines China's money demand using a Normalized Quadratic function in the search for global flexibility and easing of the degree of freedom. I impose the theoretical regularity conditions in the model that much of the previous literature ignores. I provide the robust estimates of the Morishima elasticities of substitution among currency, demand deposits and time deposits. I find that currency and demand deposits are elastic substitutes in use, while time deposits are inelastic substitutes with the former two. Time deposits are distant from a medium of exchange, and agents treat them as a saving asset, separable from the composite of currency and demand deposits. The results imply that the narrow money M1 is well-defined, while the broad money M2, which assumes perfect substitution of the component assets, is problematic. A monetary aggregate that internalizes the substitution effects should be adopted in China.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: China Economic Review - Volume 50, August 2018, Pages 117-132
Journal: China Economic Review - Volume 50, August 2018, Pages 117-132
نویسندگان
Man Jin,