Gerlach Stefan, Kugler Peter
BSI Bank, Schützengasse 31, 8021 Zürich, Switzerland.
2CEPR, London, UK.
Swiss J Econ Stat. 2018;154(1):18. doi: 10.1186/s41937-017-0013-8. Epub 2018 Mar 20.
This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. We find that, in addition to income, the banks' balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also played an important role in the monetary adjustment process. We also detect a strong positive long-run impact of real income on the bank's balance-sheet-total-to-GDP ratio and a strong long-run influence of real income and the interest rate spread on the number of banks.
本文研究了瑞士国家银行成立之前自由银行制度下瑞士的货币需求。我们发现，除收入外，银行资产负债表与国内生产总值的比率以及银行数量是长期货币需求的重要决定因素。前一个变量在货币调整过程中也发挥了重要作用。我们还发现实际收入对银行资产负债表总额与国内生产总值的比率有很强的长期正向影响，实际收入和利差对银行数量有很强的长期影响。
