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Wealth, Financial Liberalization, and the Demand for Money in Japan

Estimates are presented of a demand function for broad money in Japan that explains both secular trends in the income velocity of broad money during the 1970s and 1980s and the acceleration in the decline in velocity during 1986-88. The paper concludes that wealth effects and the opportunity cost of holding broad money can explain the developments in velocity. In the period 1986-88, these variables were strongly influenced by the rapid pace of financial liberalization in Japan.