01873cas a2200253 a 4500 AALejournalIMF000256 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451848243 1018-5941 BD-DhAAL BD-DhAAL Sharma, Sunil. Broad Money Demand and Financial Liberalization in Greece / Sunil Sharma, Neil Ericsson. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (55 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper develops a constant, data-coherent, error correction model for broad money demand (M3) in Greece. The model contributes to a better understanding of the effects of monetary policy in Greece, and of the portfolio consequences of financial innovation in general. The broad monetary aggregate M3 was targeted until recently, and current Greek monetary policy still uses such aggregates as guidelines, yet analysis of this aggregate has been dormant for over a decade. Inspite of large fluctuations in the inflation rate, introduction of new financial instruments, and liberalization of the financial system, the estimated model is remarkably stable. The dynamics of money demand are important, with price and income elasticities being much smaller in the short run than in the long run. Mode of access: Internet Ericsson, Neil. IMF Working Papers; Working Paper ; No. 1996/062 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/062/001.1996.issue-062-en.xml IMF e-Library