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The Impact of Banking Crises on Money Demand and Price Stability

By Maria Soledad, Martinez Peria, Jerry Caprio, Patrick Honohan and David Marston


analysis and error correction modeling to research two issues. First, we analyze whether money demand stability is threatened by banking crises. Secondly, we examine the relationship between monetary indicators and prices and test whether crises lead to structural breaks. Overall, we find no systematic evidence that banking crises cause money demand instability. Also, the results do not consistently support the notion that the relationship between monetary indicators and prices undergoes structural breaks during crises. I am grateful for helpful discussions with Neil Ericsson, who consulted for the World Bank on thi

Year: 2011
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