On the Stability of Long-Run M2 Demand in Japan |
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| Authors: | Robert A Amano & Tony S Wirjanto |
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| Institution: | Bank of Canada and CREFE, University of Quebec,;University of Waterloo, Ontario |
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| Abstract: | In this study we examine the stability of long-run broad money demand in Japan. In contrast to previous studies of Japanese broad money demand, we use a series of tests designed specifically to test for structural instability in the presence of I(1) processes. According to these tests, the Japanese broad money demand function appears to be stable over a period of financial innovation and deregulation.
JEL Classification Numbers: E41, C22. |
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