Broad Money Demand and Financial Liberalization in Greece

Estimating And Forecasting Demand For Broad Money In Iran Through Cointegration Analysis And Stochastic Simulation

Financial Innovation and the Stability of Money Demand in Korea

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 coin...

estimating and forecasting demand for broad money in iran through cointegration analysis and stochastic simulation

Financial Liberalization

Financial liberalization has led to financial deepening and higher growth in several countries. However, it has also led to a greater incidence of financial crises. Here, we review the empirical evidence on these dual effects of financial liberalization across different groups of countries. We then present a conceptual framework that explains why there is a trade-off between growth and incidenc...

Trade Liberalization and Financial Leverage

This paper argues that trade liberalization has a potentially significant impact on financial leverage. We compare the predictions of the trade-off model of capital structure with the pecking order model. In the first case, we suggest that trade liberalization affects the trade-off between the tax advantages of debt and expected bankruptcy costs. This implies that a reduction in domestic tariff...