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Heterogeneity in money holdings across euro area countries
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Heterogeneity in money holdings across euro area countries

The role of housing

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In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market.
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ISSN 1725-3187
ISBN 978-92-79-14893-4
DOI 10.2765/40813
Luettelonumero KC-AI-10-407-EN-N
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ISSN 1725-3187 ISBN 978-92-79-14893-4 DOI 10.2765/40813 Luettelonumero KC-AI-10-407-EN-N
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