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The Long Run Behavi...
The Long Run Behavior of the Income Velocity of Money in Five Advanced Countries, 1870-1976 : An Institutional Approach
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- Bordo, Michael David (författare)
- Carleton University
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- Jonung, Lars (författare)
- Lund University,Lunds universitet,Nationalekonomiska institutionen,Ekonomihögskolan,Department of Economics,Lund University School of Economics and Management, LUSEM
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(creator_code:org_t)
- Wiley, 1981
- 1981
- Engelska 21 s.
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Ingår i: Economic Inquiry. - : Wiley. - 1465-7295 .- 0095-2583. ; 19:1, s. 96-116
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Abstract
Ämnesord
Stäng
- The income velocity of money in Canada, the United States, Great Britain, Norway and Sweden displays a U-shaped pattern over the last one hundred years. This paper presents and tests empirically an explanation for this secular pattern emphasizing the influence on velocity of institutional changes. The inclusion into a simple velocity function of institutional developments such as the process of monetization, the spread of commercial banking, financial development and the growth of economic stability improves the explanation of long-run movements in velocity provided by a regression of velocity on real permanent income per head and the interest rate.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Ekonomisk historia (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economic History (hsv//eng)
Publikations- och innehållstyp
- art (ämneskategori)
- ref (ämneskategori)
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