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1. Verfasser:	Iris Biefang Frisancho Mariscal
Format:	Artículo científico
Sprache:	en
Veröffentlicht:	Universidad Nacional Autónoma de México 2003
Schlagworte:	Economía y Finanzas
Online-Zugang:	https://www.redalyc.org/articulo.oa?id=60124501
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author	Iris Biefang Frisancho Mariscal
author_facet	Iris Biefang Frisancho Mariscal
contents	Asymmetries of Demand for Money Functions Amongst EMU Countries Iris Biefang Frisancho Mariscal Andrew Brown Philip Arestis Malcolm Sawyer Economía y Finanzas The European Central Bank (ECB) uses a two pillar strategy to achieve itsobjective of price stability within the euro area. Even in the absence of explicitmonetary targeting, stability between money and prices still affects the role ofmonetary aggregates in the conduct of monetary policy. The stability of the moneypricelink depends ultimately on the properties of the demand-for-moneyrelationship. This paper deals with the demand-for-money functions in individual EMU countries, whether such demand functions can be identified and, whereidentified, whether the functions are broadly similar in different countries. Achange in the ECB interest rate should trigger the same change in the short-terminterest rate in all EMU countries. As a consequence, the cost of borrowing wouldalso change, which in turn would affect the demand for bank loans. The size ofthis resulting effect may vary from country to country, depending on theinstitutional setting, and could give rise to asymmetries in the monetarymechanism. The authors find significant differences in the interest rate semielasticitiesfrom country to country within the EMU, which, the authors argue,could pose serious problems in the conduct of the ECBs common monetary policy. 2003 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124501 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.245 Vol.LXII
format	Artículo científico
id	redalyc_60124501
language	en
publishDate	2003
publisher	Universidad Nacional Autónoma de México
spellingShingle	Asymmetries of Demand for Money Functions Amongst EMU Countries Iris Biefang Frisancho Mariscal Economía y Finanzas Asymmetries of Demand for Money Functions Amongst EMU Countries Iris Biefang Frisancho Mariscal Andrew Brown Philip Arestis Malcolm Sawyer Economía y Finanzas The European Central Bank (ECB) uses a two pillar strategy to achieve itsobjective of price stability within the euro area. Even in the absence of explicitmonetary targeting, stability between money and prices still affects the role ofmonetary aggregates in the conduct of monetary policy. The stability of the moneypricelink depends ultimately on the properties of the demand-for-moneyrelationship. This paper deals with the demand-for-money functions in individual EMU countries, whether such demand functions can be identified and, whereidentified, whether the functions are broadly similar in different countries. Achange in the ECB interest rate should trigger the same change in the short-terminterest rate in all EMU countries. As a consequence, the cost of borrowing wouldalso change, which in turn would affect the demand for bank loans. The size ofthis resulting effect may vary from country to country, depending on theinstitutional setting, and could give rise to asymmetries in the monetarymechanism. The authors find significant differences in the interest rate semielasticitiesfrom country to country within the EMU, which, the authors argue,could pose serious problems in the conduct of the ECBs common monetary policy. 2003 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60124501 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.245 Vol.LXII
title	Asymmetries of Demand for Money Functions Amongst EMU Countries
topic	Economía y Finanzas
url	https://www.redalyc.org/articulo.oa?id=60124501

if (filemtime($filename) + $maxlifetime < time()) { unlink($filename); $count++; } } return $count; } /** * A function that is called internally when session data is to be saved. * * @param string $sessId The current session ID * @param string $data The session data to write * * @return bool */ protected function saveSession($sessId, $data): bool { $sessFile = $this->path . '/sess_' . $sessId; if ($handle = fopen($sessFile, 'w')) { $return = false; // Lock the file for exclusive access to avoid issues with multiple // processes writing session simultaneously: if (flock($handle, LOCK_EX)) { $return = fwrite($handle, $data); // Make sure that there's no trailing data by truncating the file to // the correct length: ftruncate($handle, strlen($data)); fflush($handle); flock($handle, LOCK_UN); } fclose($handle); if ($return !== false) { return true; } } // If we got this far, something went wrong with the file output... // It is tempting to throw an exception here, but this code is called // outside of the context of exception handling, so all we can do is // echo a message.

// Anecdotal testing Today and Yesterday seems to indicate destroy() // is called by the garbage collector and everything is good. // Something to keep in mind though. return 0; } /** * Write function that is called when session data is to be saved. * * @param string $sessId The current session ID * @param string $data The session data to write * * @return bool */ public function write($sessId, $data): bool { if ($this->writesDisabled) { return true; } return $this->saveSession($sessId, $data); } /** * A function that is called internally when session data is to be saved. * * @param string $sessId The current session ID * @param string $data The session data to write * * @return bool */ abstract protected function saveSession($sessId, $data): bool; }

* * @return void */ public function writeClose() { // The assumption is that we're using PHP's ext/session. // session_write_close() will actually overwrite $_SESSION with an // empty array on completion -- which leads to a mismatch between what // is in the storage object and $_SESSION. To get around this, we // temporarily reset $_SESSION to an array, and then re-link it to // the storage object. // // Additionally, while you _can_ write to $_SESSION following a // session_write_close() operation, no changes made to it will be // flushed to the session handler. As such, we now mark the storage // object isImmutable. $storage = $this->getStorage(); if (! $storage->isImmutable()) { $_SESSION = $storage->toArray(true); session_write_close(); $storage->fromArray($_SESSION); $storage->markImmutable(); } } /** * Attempt to set the session name * * If the session has already been started, or if the name provided fails * validation, an exception will be raised. * * @param string $name * @return SessionManager * @throws Exception\InvalidArgumentException */ public function setName($name) { if ($this->sessionExists()) { throw new Exception\InvalidArgumentException( 'Cannot set session name after a session has already started'

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