EU-wide money and cross-border holdings

Monticelli, Carlo

doi:10.1007/bf02707805

Cited by 17 publications

(12 citation statements)

References 21 publications

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“…The harmonized broad monetary aggregate M3H was introduced by the Committee of Governors of the Central Banks in 1991 as the main monetary indicator for the European countries (Committee of Governors, Monticelli (1996), Monticelli and Papi (1996) and Wesche (1997). Fase and Winder (1993), Monticelli and Strauss-Kahn (1993) and Cassard et al (1994Cassard et al ( , 1997 use an M3 measure of money that is corrected for international di¡erences in de¢nition.…”

Section: á the Monetary Aggregatesmentioning

confidence: 99%

“…In this study we use the extended monetary aggregates MB and MR. Not only are these monetary aggregates geographically consistent, they also internalize a larger part of the portfolio shifts between short-run ¢nancial assets than M1 and M3H. The only examples of EU-wide money demand functions for extended monetary aggregates that we know of are given by Monticelli (1996) and Monticelli and Papi (1996).…”

Section: á the Monetary Aggregatesmentioning

confidence: 99%

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The Stability of Emu‐wide Money Demand Functions and the Monetary Policy Strategy of the European Central Bank

Bruggeman

2000

The Manchester School

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In this paper we investigate whether monetary aggregates could play a role as either intermediate targets or indicators of the single monetary policy of the European Central Bank (ECB). To this end we estimate money demand functions for the European Economic and Monetary Union and test for their stability. Our estimations suggest that M3H in particular can play a role in both a monetary and an inflation targeting strategy. If the ECB chooses to opt for an inflation targeting strategy MR and even M1, in addition to M3H, may well serve as important indicators, alongside a number of other financial and real variables.

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Section: á the Monetary Aggregatesmentioning

confidence: 99%

Section: á the Monetary Aggregatesmentioning

confidence: 99%

The Stability of Emu‐wide Money Demand Functions and the Monetary Policy Strategy of the European Central Bank

Bruggeman

2000

The Manchester School

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“…However, none of these addresses the aspect of the transmission of shocks through banks' balance sheets Monticelli (1996). uses information about cross-border holdings of monetary aggregates to estimate money demand functions MacKay and Molyneux (1998).…”

mentioning

confidence: 99%

Cross-border banking and transmission mechanisms in Europe: evidence from German data

Buch¹

2004

Applied Financial Economics

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International activities of commercial banks play a potential role for the transmission of shocks across countries. This paper presents stylized facts of the integration of European banking markets and analyses the potential of banks to transmit shocks across countries. Although the openness of banking systems has increased, bilateral financial linkages among EU countries are relatively small. The exceptions are claims of German banks on a number of smaller countries. These data are used for an analysis of the determinants of cross-border lending patterns.

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“…There are basically two ways of aggregation that are used in the literature. The first is to use current exchange rates to transform those data expressed in national currencies into a common currency and then construct area-wide levels in that currency (Monticelli and Strauss-Kahn, 1993;Monticelli, 1996). In a two country case, aggregated nominal output would be…”

Section: Aggregation Of Datamentioning

confidence: 99%

Controlling inflation in Euroland

Cabos

Siegfried

2004

Applied Economics

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The experience with the two pillar strategy of the European Central Bank (ECB) suggests that at some point in the future the ECB may have to commit to one of the more traditional policy strategies - a direct inflation target or an intermediate monetary target. This study offers some information on the scale of control and indicator problems associated with both strategies. We estimate the links between monetary policy actions and inflation in dynamic linear models with the Kalman filter. Using European M3 that the ECB has published, it is found that the overall control problems involved in targeting money are larger than for direct inflation targets.

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EU-wide money and cross-border holdings

Abstract: E41, F36,

Cited by 17 publications

References 21 publications

The Stability of Emu‐wide Money Demand Functions and the Monetary Policy Strategy of the European Central Bank

The Stability of Emu‐wide Money Demand Functions and the Monetary Policy Strategy of the European Central Bank

Cross-border banking and transmission mechanisms in Europe: evidence from German data

Controlling inflation in Euroland

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