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DETERMINANTS OF THE UNITED STATES CURRENCY-DEMAND DEPOSIT RATIO
Ist Teil von
The Journal of finance (New York), 1975-03, Vol.30 (1), p.57-74
Ort / Verlag
Oxford, UK: Blackwell Publishing Ltd
Erscheinungsjahr
1975
Link zum Volltext
Quelle
Alma/SFX Local Collection
Beschreibungen/Notizen
THE CURRENCY DEMAND-DEPOSIT RATIOS IS ONE OF THE MAJOR FACTORS IN DETERMINING THE MONEY-STOCK. THIS RATIO IS AFFECTED BY THE FOLLOWING STATIC FACTORS. THEY ARE THE OPPORTUNITY COST OF INCOME FOREGONE OF AN ASSET WHICH COULD HAVE BEEN REALIZED OVER THE LIQUID ASSET, A CHANGE IN THE RATE-OF-RETURN ON CURRENCY, DEMAND AND TIME-DEPOSITS, A CHANGE IN THE MARKET RATE OF INTEREST AND A CHANGE IN TRANSACTION PLANS AS A RESULT OF CHANGES IN UTILITY DERIVED. EMPIRICAL ANALYSIS SHOWED THAT THE DEMAND FOR CURRENCY RELATIVE TO DEMAND-DEPOSITS WOULD BE A POSITIVE FUNCTION OF THE RATE-OF-RETURN PAID ON A MARKET-SECURITY AND THE TIME-DEPOSIT RATE OF RETURN. IT WOULD BE A NEGATIVE FUNCTION OF THE RATE-OF-RETURN ON DEMAND-DEPOSITS, THE CURRENCY-DEMAND DEPOSIT RATIO WOULD RESPOND POSITIVELY TO CHANGES IN OPPORTUNITY COST INCURRED IN HOLDING CURRENCY OR DEMAND ON TIME-DEPOSITS. CHARTS.