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Financial Innovation, Banking and Monetary Aggregates (Hardcover)
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Financial Innovation, Banking and Monetary Aggregates (Hardcover)
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Financial Innovation, Banking and Monetary Aggregates reviews the
impact of financial innovation on the measurement of money and
presents the first collection of country studies appraising the
usefulness of Divisia indices in deriving monetary
aggregates.Monetary aggregates are traditionally formed by simply
summing various monetary components such as cash and balances in
savings and cheque accounts. The monetary usefulness, or
'moneyness', of these components differs and can change as a result
of innovation in banking, monetary transmission and payment
services. To gauge the importance of such distortions and the
merits of alternative weighted monetary indices, particularly
Divisia indices, this volume brings together authoritative
empirical studies of countries including the US, the UK, Germany,
France, Sweden, Italy and Japan. The authors conclude by showing
how Divisia monetary indices act as a useful supplement to
traditional monetary aggregates. Financial Innovation, Banking and
Monetary Aggregates will be welcomed by economists and financiers
for questioning traditional assumptions about the usefulness of
monetary aggregates and for its discussion of the wider
implications of financial innovation in the banking sector.
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