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The impact of banking crises on money demand and price stability, Volume 1
Author:Martinez Peria, Maria Soledad; Country:Kenya; Japan; Colombia; Uruguay; Denmark; Malaysia; Chile;
Date Stored:2000/04/24Document Date:2000/03/31
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Economic Theory & Research; Payment Systems & Infrastructure; Settlement of Investment Disputes; Financial Intermediation; Fiscal & Monetary Policy
Language:EnglishMajor Sector:Finance
Region:Europe and Central Asia; East Asia and Pacific; Africa; Latin America & CaribbeanReport Number:WPS2305
Sub Sectors:Other FinanceCollection Title:Policy, Research working paper ; no. WPS 2305
Volume No:1  

Summary: The author empirically investigates the monetary impact of banking crises in Colombia, Chile, Denmark, Japan, Kenya, Malaysia, and Uruguay. She uses co-integration analysis and error correction modeling to research: 1) Whether money demand stability is threatened by banking crises. 2) Whether crises bring about structural breaks in the relationship between monetary indicators and prices. Overall, she finds no systematic evidence that banking crises cause money demand instability. Nor do the results consistently support the notion that the relationship between monetary indicators and prices undergoes structural breaks during crises. However, although individual coefficients in price equations do not seem to be severely affected by crises, crises can sometimes give rise to variance instability in price or inflation equations.

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