The demand for money in developing countries: Assessing the role of financial innovation
指出传统货币需求模型因忽略金融创新而出现预测偏差，通过十个发展中国家的数据估计货币需求，发现金融创新对货币需求及其波动有重要影响，且该影响随通胀率上升而增强。
Traditional specifications of money demand have been commonly plagued by persistent overprediction, implausible parameter estimates, and highly autocorrelated errors. This paper argues that some of those problems stem from the failure to account for the impact of financial innovation. We estimate the demand for money for ten developing countries, employing various proxies for financial innovation, and provide an assessment of the relative importance of this variable. We find that financial innovation plays an important role in determining money demand and its fluctuations, and that the importance of this role increases with the rate of inflation.