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RBA Glossary definition for broad money

broad money – The widest definition of money published by the Reserve Bank of Australia (RBA). Broad money is defined as currency plus ADI deposits from the non-AFI private sector, plus other short-term liquid AFI liabilities held by the non-AFI private sector.

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Appendix 1: Data

1 Dec 1993 RDP 9314
Gordon de Brouwer, Irene Ng and Robert Subbaraman
See Blundell-Wignall and Thorp (1987). Definition: The sum of the interest rates paid on the interest-bearing deposit components of broad money weighted by the share of those components in ... the broad money aggregate.
https://www.rba.gov.au/publications/rdp/1993/9314/appendix-1.html

Cointegration

1 Dec 1993 RDP 9314
Gordon de Brouwer, Irene Ng and Robert Subbaraman
Using the Engle-Granger procedure, there is only one cointegrating vector – relating broad money, PFD and the bill rate. ... The results for broad money, moreover, are sensitive to the choice of the activity variable.
https://www.rba.gov.au/publications/rdp/1993/9314/cointegration.html

The Data and Their Order of Integration

1 Dec 1993 RDP 9314
Gordon de Brouwer, Irene Ng and Robert Subbaraman
I(1). I(1). I(1). Broad Money. I(1). I(1). –. GDP. I(1). I(1). ... I(1). –. Broad Money Own-Rate. I(0)#. I(1). –. real values for monetary aggregates presented here are deflated by GDP deflator. #
https://www.rba.gov.au/publications/rdp/1993/9314/data-order-integration.html

The State of Play

1 Dec 1993 RDP 9314
Gordon de Brouwer, Irene Ng and Robert Subbaraman
RDP 9314: The Demand for Money in Australia: New Tests on an old Topic 2. ... Overall, there is evidence supporting a long-run money-income relationship in the cases of currency and broad money.
https://www.rba.gov.au/publications/rdp/1993/9314/state-of-play.html

Conclusion

1 Dec 1993 RDP 9314
Gordon de Brouwer, Irene Ng and Robert Subbaraman
There was no evidence of cointegration between M1 and income, and only scarce evidence for the money base, M3 and Broad Money. ... These conclusions hold whether money and income are defined in real or nominal values.
https://www.rba.gov.au/publications/rdp/1993/9314/conclusion.html

References

1 Dec 1993 RDP 9314
Gordon de Brouwer, Irene Ng and Robert Subbaraman
91–52. Lim, G.C. (1991), The Demand for the Components of Broad Money: Error-Correction and Generalised Asset Adjustment Systems, University of Melbourne, Department of Economics Working Paper No. ... Journal of Money, Credit and Banking. , 25(2), pp.
https://www.rba.gov.au/publications/rdp/1993/9314/references.html