Liao, Wei; Tapsoba, Sampawende J.-A. - International Monetary Fund (IMF) - 2014
reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized … structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to … innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness …