Other financial corporations: Cinderella or ugly sister of empirical monetary economics?
本文估计了其他金融公司（OFCs）广义货币持有和M4贷款的决定因素模型，发现OFCs的货币与贷款动态相互依赖，且M4贷款与总投资长期相关，但与家庭支出无关。
This paper reports estimates of an econometric model of the determinants of OFCs' broad money holding and M4 lending to OFCs. This is of interest both as providing information about a component of UK money and credit aggregates and because it provides some evidence of the link between financial activity and growth of the real economy. We model the long-run equilibria for money holding and lending to this sector as being driven by GDP, wealth, the return to financial services and various interest spreads. The dynamics of OFCs' money and lending are shown to be interdependent. We then consider the evidence for interactions between OFCs and other sectors. Our results indicate that M4 lending to OFCs is significantly related to aggregate investment in the long run, but is largely unrelated to the spending of households. Copyright © 2005 John Wiley & Sons, Ltd.