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- Title
Asset Substitution and Aggregate Liquidity in Australia: 1969-1983.
- Authors
Horne, Jocelyn; Martin, Vance; Bonetti, Shane
- Abstract
This paper has two goals. The first goal is to examine the degree of substitutability between various bank and non-bank assets and a reference asset using Australian quarterly data for the sample period 1969(4)-1983(2). Particular attention is directed towards quantifying the degree of liquidity of financial innovations introduced recently into the Australian financial sector. The second goal is to construct a weighted monetary aggregate series derived explicitly porn microeconomic consumer demand theory. While both the bank innovations and building society deposits are close substitutes for currency, the aggregation restrictions implicit in the Australian monetary aggregates beyond MI are violated.
- Subjects
AUSTRALIA; BANK assets; MICROECONOMICS; CONSUMPTION (Economics)
- Publication
Economic Record, 1986, Vol 62, Issue 176, p22
- ISSN
0013-0249
- Publication type
Article
- DOI
10.1111/j.1475-4932.1986.tb00878.x