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Factors Underlying the Definitions of Broad Money: An Examination of Recent U.S. Monetary Statistics and Practices of Other Countries


Ewe-Ghee Lim


International Monetary Fund (IMF)

Subramanian Sriram


International Monetary Fund (IMF)

March 2003

IMF Working Paper No. 03/62

Abstract:     
The paper examines the experiences of countries in defining monetary aggregates, particularly those countries that have undertaken substantial redefinitions. It finds that both the functional and empirical approaches are important; and that monetary definitions tend to be dynamic in nature, becoming prone to revisions whenever the current definition no longer satisfies both criteria. While countries may adhere to both approaches, monetary definitions may still vary across countries, reflecting specific institutional settings and the requirements of the empirical approach. This finding supports the approach in the IMF's Monetary and Financial Statistics Manual of not prescribing specific definitions of broad money.

Number of Pages in PDF File: 36

Keywords: Definitions Money, Monetary Aggregates, United States, United Kingdom, Euro Area

JEL Classification: E0, E4, E5

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Date posted: January 28, 2006  

Suggested Citation

Lim, Ewe-Ghee and Sriram, Subramanian, Factors Underlying the Definitions of Broad Money: An Examination of Recent U.S. Monetary Statistics and Practices of Other Countries (March 2003). IMF Working Paper, Vol. , pp. 1-36, 2003. Available at SSRN: http://ssrn.com/abstract=879137

Contact Information

Ewe-Ghee Lim (Contact Author)
International Monetary Fund (IMF) ( email )
700 19th Street NW
Washington, DC 20431
United States
Subramanian Sriram
International Monetary Fund (IMF) ( email )
700 19th Street NW
Washington, DC 20431
United States
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