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Determinants of Money Multipliers
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In the present day world of fairly well-developed banking
systems where money stock in an economy is jointly determined by the
policies of .the Central Bank, the scheduled banks and the non-bank
public, the determination of money stock is an important variable in the
formulation of an appropriate monetary policy. In Pakistan however very,
frequent and significant changes in money supply during the fiscal year
suggest strong arbitrariness in the formulation and implementation of
the monetary policy. There are various approaches to the process of
money stock determination, one approach is through money multipliers.
Changes in money multipliers reflect the portfolio decisions of the
commercial banks, non-bank public and the monetary authority. Extensive
developments in the theory and applied research in the formulation of
money multipliers by Friedman and Schwartz (1960); Brunner and Meltzer
(1964); Hosek (1970); Bomhoff (1977) and others have estimated money _
multipliers for the industrialised ecOnomies but with the exception of
Hosek they treat the determinants of the money multipliers as exogenous
and are taken as given. However the determinants of money multipliers
depend on various interest rates and measures of economic activity which
are not constant.
Pakistan Institute of Development Economics (PIDE)
Title: Determinants of Money Multipliers
Description:
In the present day world of fairly well-developed banking
systems where money stock in an economy is jointly determined by the
policies of .
the Central Bank, the scheduled banks and the non-bank
public, the determination of money stock is an important variable in the
formulation of an appropriate monetary policy.
In Pakistan however very,
frequent and significant changes in money supply during the fiscal year
suggest strong arbitrariness in the formulation and implementation of
the monetary policy.
There are various approaches to the process of
money stock determination, one approach is through money multipliers.
Changes in money multipliers reflect the portfolio decisions of the
commercial banks, non-bank public and the monetary authority.
Extensive
developments in the theory and applied research in the formulation of
money multipliers by Friedman and Schwartz (1960); Brunner and Meltzer
(1964); Hosek (1970); Bomhoff (1977) and others have estimated money _
multipliers for the industrialised ecOnomies but with the exception of
Hosek they treat the determinants of the money multipliers as exogenous
and are taken as given.
However the determinants of money multipliers
depend on various interest rates and measures of economic activity which
are not constant.
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