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International Advances in Monetary and Financial Measurement:

This page contains two sections: (1) a section to showcase Aggregation-Theoretic Monetary Data from International Central Banks, and (2) a research section to display Studies Producing and Analyzing International Divisia Monetary Aggregates.

Aggregation-Theoretic Monetary Data from International Central Banks

Divisia monetary aggregates have been produced for a very large number of countries throughout the world. Most of those data are available only internally within central banks. Far fewer central banks are making the data public. At present, we are aware of the following seven central banks maintaining Divisia monetary aggregates. In the case of the European Central Bank, the data are for all of the countries within the European Monetary Union. In the case of the Federal Reserve Bank of St. Louis, the Divisia monetary aggregates data are called Monetary Services Indexes. All aggregation-theoretic monetary aggregates in these studies and databases are built upon the theoretical foundations derived and applied for the United States by Barnett (1980), including those foundations using the Fisher ideal index instead of the Divisia index. See the AMFM Library for papers that are cited within this section's discussions, but are not themselves contained within this section.

Country Links to Banks Links to Divisia Data
European Monetary Union European Central Bank None expected from the ECB, since available internally only to the ECB's Governing Council, but available from the Bruegel think tank in Belgium.
Israel Bank of Israel Divisia data
Japan Bank of Japan None expected, since available only to executives of the Bank of Japan
Poland National Bank of Poland Divisia data
United Kingdom Bank of England Divisia data (See Table A6.1)
United Nations International Monetary Fund Divisia data (See pp. 183-184)
United States St. Louis Fed Divisia Data (called Monetary Services Index or MSI at that bank)




Studies Producing International Divisia Monetary Aggregates

These papers are limited to those producing Divisia monetary aggregates data and do not include many of the most important theoretical and fundamental research contributions, which can be found in the Library.

Interactive Search   If you like, you can filter the studies shown below by a keyword, author, and/or country.

Keyword: Author: Country:
Australia
2000 Weighted Monetary Aggregates: Empirical Evidence for Australia
G. C. Lim and Vance L. Martin
This paper appeared in the book, Belongia and Binner (2000), pp. 249-262.
1985 A Divisia System Approach to Modeling Monetary Aggregates
T. V. Hoa
This paper appeared in Economics Letters, vol. 17, pp. 365-368.
Austria
1996 Aggregating Money Demand in Europe with a Divisia Index
Katrin Wesche
This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
1985 Monetary Aggregates, Their Information Content and Their Aggregation Error: Some Preliminary Findings for Austria, 1965-1980
M. J. Driscoll, J. L. Ford, A. W. Mullineux, and W. Kohler
This paper about pre-euro Austria appeared in Empirical Economics, vol. 10, pp. 13-25.
Bahrain
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
Barbados
1989 Money: Its Measure and its Influence on the Economy of Barbados
Kurt Lambert
This research is a Master's thesis at the University of Texas at Austin.
Belgium
1996 Aggregating Money Demand in Europe with a Divisia Index
Katrin Wesche
This paper using pre-euro data is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
Brazil
2002 Indicadores Derivados de Agregados Monetários
F. A. F. Neto and J. Albuquerque
This central bank working paper is in Trabalhos para Discussão 47, Banco Central do Brasil, Setembro.
2000 Weighted Monetary Aggregation: an Analysis of Causality
J. A. Devino
This paper appeared in "Economia Aplicada," São Paulo, vol. 4, pp. 723-742.
1997 An Analysis of the Money Demand Using Divisia Monetary Aggregates and Box-Cox Transformation
J. A. Devino
This paper appeared in Revista Nova Economia, Belo Horizonte, FACE/UFMG, December, pp. 181-246.
Bulgaria
1997 Money Aggregates in a Transition Economy: the Case of Bulgaria, 1991-1995
Georgy Ganev
This research is a Ph.D. thesis at Washington University in St. Louis.
Canada
2000 The Canadian Experience with Weighted Monetary Aggregates
David Longworth and Joseph Atta-Mensah
This paper appeared in the book, Belongia and Binner (2000), pp. 265-291.
2000 Monetary Aggregation and Monetary Policy
A. Serletis and T. E. Molik
This paper appeared in Money, Monetary Policy and Transmission Mechanisms, Bank of Canada, pp. 103-135.
1998 The Demand for Money in an Open Economy: Some Evidence for Canada
C. J. Hueng
This paper appeared in the North American Journal of Economics and Finance, vol. 9, pp. 15-31.
1994 The Canadian Experience with Weighted Monetary Aggregates
David Longworth and Joseph Atta-Mensah
This paper is a Bank of Canada Working Paper.
1981 A Comparison of Alternative Methods for Monetary Aggregation: Some Preliminary Evidence
J. Cockerline and J. Murray
This paper is Technical Report #28, Bank of Canada, Ottawa, Canada.
1978 Modeling the Demand for Liquid Assets: An Application to Canada
Donal J. Donovan
This is IMF Staff Paper #25, pp. 676-704.
Chile
1990 Divisia Monetary Aggregates: Could They Have Made a Difference in Chilean Monetary Policy, 1970-1987?
Katerina Taiganides
This research is a Master's thesis at the University of Texas at Austin.
China
2015 Chinese Divisia Monetary Index and GDP Nowcasting
William Barnett and Biyan Tang
This paper is forthcoming in the journal, Open Economies Review.
2007 Divisia Monetary Indexes of Aggregate Money: Measurement Method and Case Study
Guo Hong-Xia
This research is based on the author's Master's thesis at Hunan University in 2007.
2000 Monetary Services and Money Demand in China
Q. Yu and A. K. Tsui
This paper appeared in the China Economic Review, vol. 11, pp. 134-148.
Denmark
2006 The Problem of Measuring Money: Results from an Analysis of Divisia Monetary Aggregates for Denmark
Lisbeth la Cour
This paper appeared in the book, Belongia and Binner (2006), pp. 185-210.
European Monetary Union
2014 Does Money Matter in the Euro Area? Evidence from a New Divisia Index
Zsolt Darvas
The author has created a euro-area Divisia-money dataset and estimate theoretically correct responses to money, user cost and interest rate shocks using structural vector-autoregressions. His findings suggest that money matters for output, prices and interest rates, while the European Central Bank can influence monetary developments.

Since no Divisia monetary aggregates are available for the euro area, the author has first created and made available a database on euro-area Divisia monetary aggregates. Plans are in place to update the dataset in the future and keep it publicly available.
2009 Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis
S. Celik and S. Uzun
This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2009 Admissable Monetary Aggregates for the Euro Area
J. M. Binner, R. K. Bissoondeeal, C. T. Elger, B. E. Jones, and A. W. Mullineux
This paper appeared in the Journal of International Money and Finance, vol. 28, pp. 99-114.
2008 Evaluating the Performance of a EuroDivisia Index Using Artificial Intelligence Techniques.
J. M. Binner, A. M. Gazely, and G. Kendall
A revised version of this paper appeared in International Journal of Automation and Computing, vol. 5, pp. 58-62.
2005 A Comparison of Linear Forecasting Models and Neural Networks; An Application to Euroinflation and EuroDivisia
J. M. Binner, R. Bissoondeeal, T. Elger, A. M. Gazely, and A. W. Mullineux
A revised version of this paper appeared in Applied Economics, vol. 37, pp. 665-680.
2003 Aggregation-Theoretic Monetary Aggregation over the Euro Area, When Countries Are Heterogeneous
W. A. Barnett
This paper is European Central Bank Working Paper No. 260, available on the ECB's web site. A shorter form appeared as Barnett (2007) in the Journal of Econometrics. For the reference to that published paper, see the Important Papers Highly Relevant to AMFM Section of the AMFM library.
2002 Analysing Divisia Aggregates for the Euro Area
H. E. Reimers
This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
2001 Does Liquidity Matter: Properties of a Synthetic Divisia Monetary Aggregate in the Euro Area
L. Stracca
The paper is European Central Bank Working Paper no. 79, Frankfurt.
2001 Constructing Historical Euro-Zone Data
A. Beyer, J. A. Doornick, and D. F. Hendry
This paper appeared in the Economic Journal, vol. 111, pp. 308-327.
2000 Divisia Aggregates and the Demand for Money in Core EMU
M. M. G. Fase
This paper appeared in the book, Belongia and Binner (2000), pp. 138-172.
1997 Monetary Integration and Currency Substitution in the EMS: The Case of a European Monetary Aggregate
P. Spencer
This article appeared in the European Economic Review, vol. 41, pp. 1403-1419.
1997 The Demand for Divisia Money in a Core Monetary Union
K. Wesche
This paper appeared in the Federal Reserve Bank of St. Louis Review, vol. 7, pp. 51-60.
1996 Aggregating Money Demand in Europe with a Divisia Index
Katrin Wesche
This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
1994 Money Demand within the EMU: an Analysis with the Divisia Measure
M. M. G. Fase and C. C. A. Winder
This paper appeared in De Nederlandsche BankNV, Amsterdam, pp. 25-55.
Finland
2002 Analysing Divisia Aggregates for the Euro Area
H. E. Reimers
This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
France
2002 Analysing Divisia Aggregates for the Euro Area
H. E. Reimers
This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
1996 Divisia Monetary Aggregates: A Survey in the Case of France
S. Lecarpentier
This paper about pre-euro France appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1996 Aggregating Money Demand in Europe with a Divisia Index
Katrin Wesche
This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
GCC (Gulf States) Area
2014 Modern and Traditional Methods of Measuring Money Supply: the Case of Saudi Arabia
Ryadh M. Alkhareif and William A. Barnett
Saudi Arabian Monetary Authority (SAMA) Working Paper #1 was released in December 2014.
2013 Advances in Monetary Policy Design: Applications to the Gulf Monetary Union
Ryadh M. Alkhareif and William A. Barnett
This book, published by Cambridge Scholars Publishing, is the first to publish Divisia-based money supply indexes and core inflation indicators for the GCC.
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
In William A. Barnett and Fredj Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press, 2012, pp. 1 - 37.
Germany
2015 The Information Content of Monetary Statistics for the Great Recession: Evidence from Germany
Wenjuan Chen and Dieter Nautz
This paper introduces a Divisia monetary aggregate for Germany and explores its information content for the Great Recession. This paper appeared in SFB 649 Economics Risk Berlin, Humboldt Universitat Zu Berlin, Germany.
2006 Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data
K. P. Donaghy and D. M. Richard
This paper appeared in the book, Belongia and Binner (2006), pp. 76-103.
2002 Analysing Divisia Aggregates for the Euro Area
H. E. Reimers
This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
2000 Consequences of Money Stock Mismeasurement: Evidence from Three Countries
Michael T. Belongia
This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 292-312.
2000 Neural Networks with Divisia Money: Better Forecasts of Future Inflation
Robert E. Dorsey
This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 28-46.
2000 Weighted Dutch and German Monetary Aggregates: How Do They Perform as Monetary Indicators for the Netherlands?
Norbert G. J. Janssen and Clemens J. M. Kool
This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 120-137.
2000 Weighted Monetary Aggregates for Germany
Heinz Herrman, Hans-Eggert Reimers, and Karl-Heinz Toedter
This paper about pre-euro Germany appeared in Belongia and Binner (2000), pp. 79-101.
1996 Divisia in Germany
W. Gaab
This paper about pre-euro Germany appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1996 Aggregating Money Demand in Europe with a Divisia Index
Katrin Wesche
This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
Hungary
1997 Divisia Indices and Estimated Money Demand Functions for Hungary
Zsoldos István
This working paper is from the Central Bank of Hungary and is written in Hungarian.
India
2015 An SVAR Approach to Evaluation of Monetary Policy in India: Solution to the Exchange Rate Puzzles in an Open Economy
William Barnett, Soumya Bhadbury and Taniya Ghosh
This paper is forthcoming in the journal, Open Economies Review.
2010 The Divisia Monetary Indices as Leading Indicators of Inflation
M. Ramachandran, Rajib Das, and Binod B. Bhoi
This paper is Reserve Bank of India Development Research Group Study No. 36, Mumbai
2001 Simple Sum vs. Divisia Monetary Aggregates: An Empirical Evaluation
D. Acharya and B. Kamaiah
This paper appeared in the Economic and Political Weekly, vol. 36, pp. 317-326.
1999 Will the Right Monetary Aggregate for India Please Stand Up?
R. Jha and I. S. Longjam
This paper appeared in the Economic and Political Weekly, vol. 34, pp. 631-630.
1995 Fiscal and Monetary Actions: A Test of Relative Importance of the Economic Monetary Aggregates and their Simple Sum Counterparts
M. Ramachanran
This paper appeared in Prajnan, vol. 24, pp. 125-137.
1991 Simple Sum vs. Superlative Monetary Aggregates for India
Ganti Subrahmanyam and S. B. Swami
This paper appeared in the Journal of Quantitative Economics, vol. 17, pp. 79-92.
1989 Weighted Monetary Aggregates: Rationale and Relevance for India
N. Jadhav
This paper is Reserve Bank of India Occasional Papers, 10, pp. 39-56.
1989 Weighted Monetary Aggregates for India: 1970-1986.
R. Kannan
This paper appeared in Prajnan, vol. 18, pp. 453-460.
Indonesia
2010 Financial Liberalization and Money Demand in Indonesia: Implications for Weighted Monetary Aggregates
Hiew Lee Chea
This study investigates Indonesia monetary regime changes and the significance of Divisia monetary aggregates in formulating the monetary policy in Indonesia from the period of 1981Q1 to 2005Q4.
2010 Financial Liberalization, Weighted Monetary Aggregates, and Money Demand in Indonesia
Puah Chin-Hong and Heiw Lee-Chea
This paper appeared in the Labuan Bulletin of International Business & Finance, vol. 8, December, pp. 76-93.
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M.S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
Iran
2007 The Role of Definition of Money in the Stability of the Iranian Demand for Money
P. Davoudi and Z. Zarepour
This paper appeared in Iranian Economic Research, vol. 29, pp. 47-74.
Israel
2011 Send requests for information about the Israeli Divisia monetary aggregates data to the Bank of Israel Information and Statistics Department
Bank of Israel Information & Statistics Department
Email: [email protected]
2011 Send requests for Israeli Divisia monetary aggregates research to Akiva Offenbacher, Head of the Monetary and Finance Division
Akiva Offenbacher
Email: [email protected]
2011 Divisia Monetary Aggregates for Israel: Background Note and Metadata
Edward (Akiva) Offenbacher and Shachar Shemesh
This Bank of Israel working paper provides background information relevant to the Bank of Israel Divisia monetary aggregates.
Italy
1999 A Neural Network Approach to Inflation Forecasting: the Case of Italy
J. M. Binner and A. M. Gazely
This paper on pre-euro Italy appeared in Global Business and Economics Review, vol. 1, pp. 76-92.
1996 Measuring Money with a Divisia Index: An Application to Italy
E. Gaiotti
This paper about pre-euro Italy appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
Japan
2009 Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis
S. Celik and S. Uzun
This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2006 Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data
K. P. Donaghy and D. M. Richard
This paper appeared in the book, Belongia and Binner (2006), pp. 76-103.
2000 Consequences of Money Stock Mismeasurement: Evidence from Three Countries
Michael T. Belongia
This paper appeared in the book, Belongia and Binner (2000), pp. 292-312.
2000 Broad and Narrow Divisia Monetary Aggregates for Japan
Kazuhiko Ishida and Koji Nakamura
This paper appeared in the book, Belongia and Binner (2000), pp. 173-199.
1996 Financial Deregulation and Divisia Monetary Aggregates in Japan
K. Hirayama and M. Kasuya
This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1984 Divisia Monetary Aggregates and the Demand for Money: A Japanese Case
Kazuhiko Ishida
This paper appeared in the Bank of Japan Monetary and Economic Studies, vol. 2, pp. 49-80.
Kuwait
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
Malaysia
2008 Revisiting Money Demand In Malaysia:Simple-Sum Versus Divisia Monetary Aggregates
Chin-Hong Puah, Choi-Meng Leong, Shazali Abu Mansor and Evan Lau
This paper attempts to determine whether Divisia Monetary Aggregates are superior monetary instruments in Malaysia where monetary targeting has been replaced by interest rate targeting due to the inadequacy of the simple-sum monetary aggregates in predicting economic activities.
2007 Scale Variable Specification in a Money Demand Function for Malaysia
J. Dahalan, S. C. Sharma, and K. Sylwester
This paper appeared in the Journal of Asian Economics, vol 18 pp. 867-882.
2005 Divisia Monetary Aggregates and Money Demand for Malaysia
J. Dahalan, S. C. Sharma, and K. Sylwester
This paper appeared in the Journal of Asian Economics, vol. 15, pp. 1137-1153.
2002 Determinants and Stability of Demand for M2 in Malaysia
S. S. Sriram
This paper appeared in the Journal of Asian Economics, vol. 13, pp. 337-356.
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing
Mexico
1989 Construction of New Monetary Aggregates: the Case of Mexico
Alfredo M. Sandoval
This research is a Ph.D. thesis at the University of Texas at Austin.
Myanmar
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
Nepal
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
Netherlands
2000 Weighted Dutch and German Monetary Aggregates: How Do They Perform as Monetary Indicators for the Netherlands?
Norbert G. J. Janssen and Clemens J. M. Kool
This paper about pre-euro Netherlands appeared in the book, Belongia and Binner (2000), pp. 120-137.
1996 Aggregating Money Demand in Europe with a Divisia Index
Katrin Wesche
This paper, using pre-euro data, is University of Bonn Institute für Internationale Wirtschaftspolitik Projektbereich B Discussion Paper No. B-392, November.
1985 Monetary Control, The Dutch Experience: Some Reflections on the Liquidity Ratio
M. M. G. Fase
This paper about pre-euro Netherlands appeared in the book, C. van Ewijk and J. J. Klant (eds.), Monetary Conditions for Economic Recovery, Martinus Nijhoff, Dordrecht, pp. 95-125.
Oman
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
Pakistan
2011 Money Demand Function for Pakistan (Divisia Approach)
Haroon Sarwar, Zakir Hussain, and Masood Sarwar Awan
This working paper is online in the Munich Personal RePEc Archive. The paper’s conclusion is that the “State Bank of Pakistan should abandon the simple sum aggregation technique and switch over to the Divisia aggregates, which have more aggregation theoretic foundations.”
1997 The Demand for Simple-Sum and Divisia Monetary Aggregates for Pakistan: A Cointegration Approach
S. M. Tariq and K. Matthews
This paper appeared in the Pakistan Development Review, vol. 3, pp. 275-291.
1988 Substitutability of Pakistan’s Monetary Assets under Alternative Monetary Aggregates
M Aynul Hasan, S. Ghulam Kadir, and S. Fakhre Mahmud
The paper appeared in the journal, The Pakistan Development Review, vol. 27, pp. 317-326.
Peru
1991 Seigniorage, Inflation and Monetary Policy: the Case of Peru, 1985-1989
Veronica Ruiz de Castilla
This research is a Master's thesis at the University of Texas at Austin.
Philippines
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
Poland
2003 Monetary Assets Expenditures and Economic Growth
Krysztof Kluza and Stanislaw Kluza
This paper was presented at the 23rd Conference on Monetary Policy, National Bank of Poland, November 27-28, 2003.
2001 Zastosowanie Indeksów Divisia w Polsce
S. Kluza
This research appeared in rozprawa doctorska, Kolegium Analiz Ekonomicznych, Szkola Glówna Handlowa, Warszawa.
1999 Konstrukcja Pieniężnych Agregatów Divisia w Warunkac Polskich
N. Cieśla
This paper appeared in Materialy i Studia nr 89, NBP, Warszawa.
Qatar
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
Saudi Arabia
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
2009 Linear and Nonlineaer Techniques for Estimating the Money Demand Function for Saudi Arabia
Mamdooh Saad Alsahafi
This research is a Ph.D. thesis at the University of Kansas
Singapore
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
South Korea
2000 The Signals from Divisia Money in a Rapidly Growing Economy
Jeong Ho Hahm and Jun Tae Kim
This paper appeared in the book, Belongia and Binner (2000), pp. 200-226.
1999 Rationale for Divisia Monetary Aggregates in 'Deregulated' Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing Limited, pp. 67-111.
Spain
2002 Analysing Divisia Aggregates for the Euro Area
H. E. Reimers
This paper, using pre-euro data, is Discussion Paper 13/02, Economic Research Centre of the Deutsche Bundesbank, Frankfurt.
Sri Lanka
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
Switzerland
2000 Simple-sum versus Divisia Money in Switzerland: Some Empirical Results
Robert Fluri and Erich Spoerndli
This paper appeared in the book, Belongia and Binner (2000), pp. 102-119.
1996 Monetary Aggregates in Switzerland
H. Genberg and S. Neftci
This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1991 Divisia Monetary Services Indexes for Switzerland: Are They Useful for Monetary Targeting?
P. Yue and R. Fluri
This paper appeared in the Federal Reserve Bank of St. Louis Review, vol. 73, pp. 19-33.
Taiwan
2004 Financial Innovation and Divisia Money in Taiwan: Comparative Evidence from Neural Network and Vector Error-Correction Forecasting Models
J. M. Binner, A. M. Gazely, S. H. Chen, and B. T. Chie
This paper appeared in Contemporary Economic Policy, vol. 22, pp. 213-224.
2002 Financial Innovation in Taiwan; An Application of Neural Networks to the Broad Monetary Aggregates.
J. M. Binner, A. M. Gazely, and S. H. Chen
A revised version of this paper appeared in European Journal of Finance, vol. 8, pp. 238-247.
2000 Divisia Monetary Aggregates for Taiwan
Y. C. Shih
This paper appeared in the book, Belongia and Binner (2000), pp. 227-248.
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing
Thailand
1999 Rationale for Divisia Monetary Aggregates in Deregulated Asian Developing Economies
M. S. Habibullah
This paper appeared in the book, M.S. Habibullah (Ed.), Divisia Monetary Aggregates and Economic Activities in Asian Developing Economics, Aldershot, Ashgate Publishing.
Turkey
2009 An Empirical Study of Simple Sum and Divisia Monetary Aggregation: A Comparison of Their Predictive Power Regarding Prices and Output in Turkey
Dogan Karaman
This research is a PhD thesis at the University of Kansas.
2009 Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis
S. Celik and S. Uzun
This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2008 Divisia Measure of Currency and Asset Substitution for Turkey
Ayse Ozden Birkan
This paper is in Essays on Turkish Monetary Policy, PhD thesis, University of Utah
2006 Alternative Measures of Currency and Asset Substitution: The Case of Turkey
Ayse Ozden Birkan
This pape is a Policy Innovations working paper.
1999 Divisia Monetary Aggregates: An Empirical Investigation of Their Usefulness for Turkey
S. Celik and S. Uzun
This research is a PhD thesis at the University of Nebraska.
1993 Türkiye’deki Parasal Büyüklükler İçin İndeks ve Bilesim Teorisinin Bir Uygulamasi: Divisia ve Fisher İndeksi
Kursat Kunter
This paper is written in Turkish.
United Arab Emirates
2012 Divisia Monetary Aggregates for the GCC Countries
Ryadh M. Alkhareif and William A. Barnett
This paper is forthcoming in the book, W. A. Barnett and F. Jawadi (eds.), Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Emerald Press.
United Kingdom
2013 Amendments to Divisia Money Series
R. Berar and J. Owladi
This article describes improvements to be implemented to the Bank of England's Divisia money series and its components, effective the next edition of Bankstats to be published on 1st March 2013.
2010 Household-Sector Money Demand for the UK
R. Bissoondeeal, B. Jones, J. M. Binner, and A. W. Mullineux
This paper appeared in the journal, Manchester School (Economic and Social Studies), vol. 78, pp. 90-113.
2009 Financial Innovation in the UK: New Tier-Adjusted Household Sector Monetary Services Indexes
J. M. Binner
A revised version of this paper appeared in Global Business and Economics Review, vol. 11, pp. 44-64.
2009 Comparison of Simple Sum and Divisia Monetary Aggregates Using Panel Data Analysis
S. Celik and S. Uzun
This paper appeared in the International Journal of Social Sciences and Humanity Studies, vol. 1, pp. 1-13.
2009 An Evaluation of UK Risky Money: an Artificial Intelligence Approach.
J. M. Binner, A. M. Gazely, and G. Kendall
A revised version of this paper appeared in Global Business and Economics Review, vol 11, issue 1, pp. 1-18.
2008 A Note on the Optimal Level of Monetary Aggregation in the U.K.
T. Elger, B. E. Jones, D. Edgerton, and J. M. Binner
A revised version of this paper appeared in Macroeconomic Dynamics, vol. 12, pp. 117-131.
2006 Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data
K. P. Donaghy and D. M. Richard
This paper appeared in the book, Belongia and Binner (2006), pp. 76-103.
2005 Divisia Money
Matthew Hancock
This paper appeared in the Bank of England Quarterly Bulletin, Spring, pp. 39-46.
2004 The UK Household Sector Demand for Risky Money
T. Elger and J. M. Binner
This paper appeared in Berkeley Electronic Press, Topics in Macroeconomics Series, vol. 4, no. 1, article 3.
2000 A Neural Network Approach to the Divisia Index Debate: Evidence from Three Countries
A. M. Gazely and J. M. Binner
A revised version of this paper appeared in Applied Economics, vol. 32, pp. 1607-1615.
2000 Weighted Monetary Aggregates for the UK
Leigh Drake, K. Alec Chrystal, and Jane M. Binner
This paper appeared in the book, Belongia and Binner (2000), pp. 47-78.
1996 On the Demand for Divisia and Simple-Sum M3 in German
E. Gaiotti
This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1996 The Demand for Divisia Money by the Personal Sector and by Industrial and Commercial Companies
N. Janssen
This paper appeared in the Bank of England Quarterly Bulletin, November, pp. 405-409.
1996 Financial Innovation and Monetary Aggregates in the UK
J. L. Ford and A. Mullineux
This paper appeared in the book, A. Mullineux (ed.), Financial Innovation, Banking, and Monetary Aggregates, Edward Elgar, Cheltenham.
1993 Divisia Measures of Money
P. G. Fisher, S. Hudson, and M. Pradhan
This paper appeared in the Bank of England Quarterly Bulletin, vol. 33, no. 2. pp. 240-252.
1992 The Substitutability of Financial Assets in the U. K. and the Implication for Monetary Aggregation
Leigh Drake
This paper appeared in Manchester School of Economics and Social Studies, vol. 60, pp. 221-248.
1991 An Admissible Monetary Aggregate for the United Kingdom
Michael T. Belongia and Alec K. Chrystal
This paper appeared in the Review of Economics and Statistics, vol. 73, pp. 497-503.
1988 A Monetary Services Index
R. Batchelor
This paper appeared in Economic Affairs, vol. 8, pp. 17-20.
United States
2011 Advances in Monetary and Financial Measurement
Center for Financial Stability
AMFM will be a central source for Divisia monetary aggregates data for the US and the rest of the world. While much of the data will be contributed, some US data will be produced by, and proprietary to, the CFS.
2011 A Comprehensive Revision of the U.S. Monetary Services (Divisia) Indexes
Richard G. Anderson and Barry E. Jones
This paper about the St. Louis Federal Reserve Bank's Divisia monetary aggregates is forthcoming in the Federal Reserve Bank of St. Louis Review, Sept/Oct, vol. 93, no. 4, 2011.
1984 The New Divisia Monetary Aggregates
William A. Barnett, Edward K. Offenbacher, and Paul A. Spindt
This paper, based upon Barnett (1980), contains the first empirical comparisons of Divisia monetary aggregates with simple-sum monetary aggregates in policy applications. That paper, published in the Journal of Political Economy, vol. 92, 1984, pp. 1049-1085, has been reprinted as chapter 17 of the book, Barnett and Serletis (2000).
1981 Aggregation of Monetary Assets
William A. Barnett
The landmark paper that began the modern literature on monetary aggregation and index number theory is Barnett's "Economic Monetary Aggregates: An Application of Index Number and Aggregation Theory," Journal of Econometrics, September 1980, pp. 11-48, and has been reprinted in the book, Barnett and Serletis (2000), as chapter 2. The published paper cannot be put online, since the copyright is owned by the publisher. But the original, longer working paper, which contains more than appears in the published journal article, appeared as chapter 7 of Barnett's book, Consumer Demand and Labor Supply. Since that book now is out of print, we can put that chapter online and have done so here.
1980 Economic Monetary Aggregates: An Application of Aggregation and Index Number Theory
William A. Barnett
This paper contains the first derivation of the Divisia money formula and the first computation and use of Divisia monetary aggregates. The paper also contains the derivation and use of the Fisher idea monetary-aggregation formula. The paper appeared in the Journal of Econometrics, vol. 14, pp. 11-48, and was reprinted in the book, Barnett and Serletis (2000), as chapter 1.
Uruguay
2016 Divisia Monetary Aggregates and Demand for Money in Uruguay
Jose Ignacio Gonzalez
In this paper Divisia monetary aggregates were built for Uruguay in the period 1998.Q4- 2015Q2 and compared with traditional monetary aggregates. The difference increases in broader aggregates, being very small for M1 but significant for the case of M2 + bonds. Then these measures were incorporated into a money demand function and using error correction models short-run dynamics was examined, finding a quick adjustment towards long run equilibrium and with Divisia models a higher semi-elasticity for the opportunity cost of money. Over the six candidates, Divisia M2 model perform better and is the appropriate measure to track money demand and complement monetary policy analysis.
World
2006 Estimating a Regular Continuous-Time System of Demand for World Monies with Divisia Data
K. P. Donaghy and D. M. Richard
This unique paper contains the only currently-available construction of a World Divisia monetary aggregate. The analytically sophisticated approach to that aggregation over world monies used numerical integration in continuous time. The paper appeared in the book, Belongia and Binner (2006), pp. 76-103.