M1GDP M2M1 M1GDP M2M1 E-mail: kazuhiko.ishida@boj.or.jp E-mail: hitoshi.mio@boj.or.jp
M2GDP Modigliani-Miller: MM Hoshi and Kashyap HKHK
HK Quarterly Financial Report for Manufacturing, Mining and Trade Corporations (QFR) QFR % % % % % % % % % % % % % % % % HK HK
MMFMMF MMF MMF EDI
EDI HK delegate monitoring DiamondFreixas and Rochet Radeckiannual report payments-driven Radecki liquidity service
transferable depositm1 M1GDP M1 M1 M1 M1 M1 M1GDPM2M1 M2M1 1 moneyness 1
M2M1 M2M1 M2GDP M1 M1GDPM1GDP M1 M1M2 IMFIFSM2M2M1 M2MMF
12.0 58.5 63.4 21.2 51.7 27.8 15.5 21.0 51.3 0.0-16.9-19.6-0.2-6.8 5.8-1.8-0.8-5.5-1.5-8.1-3.7-6.7-0.5-3.4 0.9-3.2-5.5 2.7-3.0 0.7-0.3 2.9-0.5 1.8-1.7 5.5 1.8 3.5
M1 M1GDP M1GDP M1GDP M1 Humphrey, Pulley and VesalaHPV M1GDP GDP GDP GDP IFS
GDP $2,676 7.86 29 2,387 8.43 39 1,300 6.49 67 1,210 4.63 93 1,198 4.61 97 1,191 5.75 101 1,187 5.95 115 995 3.89 120 775 2.88 124 759 3.58 128 716 3.43 139 520 2.84 146 509 2.06 157 438 1.97 292
15.4 41.4 46.3 67.6 56.8 27.7 66.9 16.1 83.9 4.8-0.7-20.6-0.9-10.0-1.2 66.9-6.1-12.9-1.6-6.5-1.3-7.4-2.8-2.8-5.9-2.3-4.4-1.4-8.7-1.3 1.6-3.1-5.1-0.1-0.4 3.7 1.0 0.6
M1 GDPHPV GDP HPV HPV M1GDP M1GDP M1GDP M1GDP M1GDP M1GDP HPV POSATM HPV
10.6 56.8 63.3 16.1 29.8 21.3 11.2 20.6 36.7-0.9-20.0-10.2-0.2-3.1 8.1-1.0 5.2-2.8-1.4-7.6-5.8-6.2 0.4-2.9 1.4-3.2-5.2 2.8 0.1 0.9 0.0 3.8-0.1 2.2-1.9 5.1 2.3 3.9
M1GDP M1GDP Humphrey, Pulley and Vesala [1996], Figure 2 M2M1M2M1 M2M1M2M1 M1GDP HPVPOSATM Lacker
M2M1 M2M1 HK
6.5 19.1 17.4 6.6 19.5 22.8 34.1 16.6 29.5 6.5 10.8 15.1 2.3 5.2 4.9-1.5 9.8 8.8 1.3 5.6-1.9 5.3 0.1 2.3-1.4 3.7 2.2-1.6 3.9-0.2-4.9 8.5 0.2 1.7 5.2-6.0 13.7-4.7
M1GDP M1GDP GDPM1 M1 M1 M1GDP M1M2 M2GDP
M2GDP M2 GDP M2 M2M2 M2 M1GDPM2GDP M2M2+CD M2 M1
M1GDP M2M1 M1GDP EDI MMF M1 GDP M1GDPM1 M2M1 MMF EDI M1
M2M1 M2M1 M1 M2M1 MMF M1MMFM1 M1 MMF M2GDP MMMFM2MMMF M2 MMFM2 MMMF Anderson and KavajeczM2 Bordo and Jonung M2GDP
M2GDP
IMES Discussion Paper No.99-J-34 IMES Discussion Paper No.2000-J-8 General Purpose TechnologyGPT IMES Discussion Paper No.99-J-51999 Anderson, R. G., and K. A. Kavajecz, A Historical Perspective on the Federal Reserve s Monetary Aggregates: Definition, Construction and Targeting, Federal Reserve Bank of St. Louis Review, 76 2, 1994, pp. 1-31. Bordo, Michael, and Lars Jonung, The Long-Run Behavior of the Velocity of Circulation -The International Evidence, Cambridge University Press, 1987. Diamond, Douglas W. Financial Intermediation as Delegate Monitoring: A Simple Example, Federal Reserve Bank of Richimond Economic Quarterly, 87 3, 1996, pp. 51-66. Freixas, Xavier and Jean-Charles Rochet, Microeconomics of Banking, MIT Press, 1997. Hoshi, Takeo, and Anil Kashyap, The Japanese Banking Crisis: Where Did it Come from and How Will it End?, NBER Working Paper, No 7250, 1999. Humphrey, David B., Laurence B. Pulley, and Jukka M. Vesala, Cash, Paper and Electronic Payments: A Cross-Country Analysis, Journal of Money, Credit and Banking, 28 4, 1996, pp. 914-939. Lacker, Jeffrey, M., Should We Subsidize the Use of Currency?, Federal Reserve Bank of Richimond Economic Quarterly, 84 3, 1993, pp. 47-73. Radecki, Lawrence J., Bank s Payments-Driven Revenues, Federal Reserve Bank of New York Policy Review, July 1999, pp. 53-70.