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| Author: | Spencer, P. |
| Title: | Monetary integration and currency substitution in the EMS: The case for a European monetary aggregate |
| Journal: | European Economic Review
1997 : JUL, VOL. 41:7, p. 1403-1419 |
| Index terms: | EUROPEAN MONETARY SYSTEM MONEY DEMAND CURRENCY |
| Language: | eng |
| Abstract: | The paper examines the phenomenon of cross-country substitution and the validity of monetary aggregation within the European Monetary System (EMS) using non-parametric methods which exploit the relationship btw. intergroup substitution and separability. The separability property is tested and is violated in the case of most European countries, suggesting that the hypothesis of zero currency be rejected. The results do, however, validate the use of monetary aggregates for the EMS as a whole. |
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