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Financial innovation and the stability of money demand in Korea

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  • Financial innovation and the stability of money demand in Korea
  • Cho, W. Dong; Miles,William
  • South Western Economic Review


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Title Financial innovation and the stability of money demand in Korea
Similar Titles
Material Type Articles
Author(English)

Cho, W. Dong; Miles,William

Publisher

[Canyon, U.S.] : South Western Economic Review

Date 2017
Journal Title; Vol./Issue South Western Economic Review:
Pages 10
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Economy < Financial Policy
Economy < Economic Administration
Holding SWER
License

Abstract

The existence of a stable demand function for M2 in Korea is important for the conduct of monetary policy and financial analysis. However, despite much research into the subject, results thus far yield no conclusion as to whether M2 demand is in fact stable. Previous studies, however, have failed to adequately control for financial innovation. When adding a proxy for such innovation to the cointegrating vector, we find that M2 demand is in fact stable, thus reconciling previous conflicting findings.