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SUBSTITUTABILITY OF NON-BANK INTERMEDIARY LIABILITIES FOR MONEY: THE EMPIRICAL EVIDENCE

Authors

  • Tong Hun Lee

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    • Associate Professor of Economics at the University of Tennessee and a member of the Social Systems Research Institute at the University of Wisconsin.

  • I am deeply indebted to Guy H. Orcutt for his earlier guidance in household behavior studies which helped me to initiate the household behavior analysis in the third section of this paper. I am also indebted to John R. Moore, Hans E. Jensen, and David P. Lewis for their comments on the paper, and Shen-Gwa Tsao and Joe Kushner for programming assistance. However, I am alone responsible for the analysis and views presented in this paper.

    I am grateful to the Social Systems Research Institute at the University of Wisconsin which financed summer visits to the Institute in 1963–64 during the initial preparation of this paper. I am also very grateful to the National Science Foundation for financial support of research in this area under grant GS-631.

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