In principle, it would seem to be preferable to examine asset demands (and supplies) within the context of a complete multi-asset portfolio model, rather than in single individual equations. The advantage of such an approach is that the allocation of the financial wealth of a sector among a variety of assets (and liabilities) is analysed as an interdependent decision: the demand equations explicitly take into account the fact that a decision to hold funds in a particular form is simultaneously a decision not to hold these funds in an alternative form. Furthermore, by examining the simultaneous response of sets of asset demands to changes in different explanatory variables, it is possible to impose, and to test, additional constraints upon the values that the coefficients in the system should take. For example, if the rate of interest on national savings is raised, it is possible not only to analyse the interest sensitivity of the demand for that asset, but also to see the extent to which the increase in demand is at the expense of the demand for money or other liquid assets. Such information, on the substitutability of different assets, is clearly of use to policy-makers.
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