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Studies in Economics and Econometrics Volume 17, 1993 - Issue 1
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Articles

Modelling Aggregate Liquidity as an Unobservable Variable: An Empirical Perspective on the Substitutability of Money and Near-Money in South Africa

A S Hurn* Department of Political Economy, Glasgow University, Glasgow, G12 8RT, Scotland.
Pages 17-32 | Published online: 28 Jan 2022
 
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Abstract

The paper attempts to model the substitutability of various financial assets by using one common factor, liquidity. By postulating that the level of monetary services inherent in any portfolio of assets is unobservable, a technique for modelling latent variables is proposed and applied.

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