Abstract
Factors contributing to the deregulation of the Australian financial system are reviewed and the implications of deregulation are discussed for the transmission mechanism of monetary policy, the interest elasticity of money balances, and the stability of money demand. Several models of money demand, using three definitions of money, are estimated by both fixed- and random-coefficient techniques. Empirical results provide evidence that financial deregulation has led to a breakdown in the well-behaved money demand relationships that held in the regulated financial environment.
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