Financial Market Risk and U.S. Money Demand PDF Download

Financial Market Risk and U.S. Money Demand PDF
By:Woon Gyu Choi,David Cook
Published on 2007-04-01 by International Monetary Fund

This paper examines empirically U.S. broad money demand emphasizing the role of financial market risk. We find that money demand rises with the liquidity risk of stock markets or the credit risk of corporate bond markets. After controlling for the effect of financial market risk, money demand becomes relatively stable over the last 35 years. At the sectoral level, household money holdings continue to be stable in a traditional model controlling for a decline in transactions costs for investing in mutual funds in the early 1990s. In contrast, business money holdings have been consistently (positively) associated with credit risk.

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Book ID of Financial Market Risk and U.S. Money Demand's Books is _WvQswaiT80C, Book which was written byWoon Gyu Choi,David Cookhave ETAG "45PpBL1Fj0g"

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