文章基本信息

标题：Modern and Traditional Methods for Measuring Money Supply: The Case of Saudi Arabia
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作者：Barnett, William ; Alkhareif, Ryadh M.
期刊名称：International Journal of Financial Studies
印刷版ISSN：2227-7072
出版年度：2015
卷号：3
期号：1
页码：49-55
出版社：MDPI, Open Access Journal
摘要：This paper compares the “simple-sum” monetary aggregates (M1 and M2) published by the Saudi Arabian Monetary Agency (SAMA) with the new monetary aggregates (D1 and D2)—known as the Divisia monetary indexes. The former aggregates are constructed from a simple accounting identity, whereas the Divisia aggregates are constructed using statistical index number theory and aggregation theory. The findings suggest that both D1 and M1 are identical, given the perfect substitutability of the monetary components within those aggregates. For the broader monetary aggregates where perfect substitutability assumption is not realistic, the two monetary indexes differ substantially. SAMA could benefit by using both monetary indexes simultaneously to better monitor liquidity in the market.
关键词：monetary aggregation; Divisia monetary aggregates; index number theory