Currie, Lauchlin, The demand of Cuadernos de Economia, Vol. XIII, Numeros 18-19, Bogota, 1993, pp. 355-376. The demand of money, as money, is measured as the proportion of income held in the form of money and is the inverse of tlle income velocity. The demand restllts from the service the holding of money performs. Its for an individual is the loss of interest entailed; socially, the cost is mostly borned by Banks in providing an indispensable element in the bookkeeping of society. In treating the demand for money it is important to know who holds the money. Evidence suggests that in the United States and Colombia the bulk of checking accounts is in relatively few large accounts. They appear to be unnecessarily large to meet the traditional transaction and liquidity explanations. Part of the explanation may be the insistence banks exercise that deposits be large enough to cover cost. Another part may be the shifting of a portion of the cost to recipients of checks not as yet collecced. In this way, the demand for checking accounts is in part involuntary. However, the agregate demand is relatively stable, with a downward trend.