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Working Paper
Broad money demand and financial liberalization in Greece
This paper develops a constant, data-coherent, error correction model for broad money demand (M3) in Greece. This 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 monetary policy still uses such aggregates as guidelines, yet analysis of this aggregate has been dormant for over a decade. ; In spite of large fluctuations in the inflation rate, introduction of new financial instruments, and liberalization of the ...