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Author: Magdy A. El-Shourbagui
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Magdy A. El-Shourbagui
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Amir Kia
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages :
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"This paper, using quarterly Iranian data for the period 1966-1998, extends the literature by investigating the stability of the interest-free money demand function. The study also examines the stability of economic agents' behavior in demanding interest-bearing and interest-free money. It was found that, contrary to interest-bearing demand for money, both short and long run demand for interest-free money functions are stable and their coefficients are invariant with respect to policy and other exogenous shocks, as well as changes in regime"--Economic Research Forum for the Arab Countries, Iran and Turkey web site.
Author: Palle Schelde Andersen
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 76
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Author: Sezer Bozkus Kahyaoglu
Publisher: LAP Lambert Academic Publishing
ISBN: 9783838327709
Category :
Languages : en
Pages : 76
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A detailed discussion on the econometric performance of Turkey is presented considering the relevancy of monetary base approach, i.e. the monetary ans interest rate policies, and financial markets and instruments in Turkey. The stability of the multiplier is tested in two seperate notions: that of the short-run predictability and the long-run stability. The parametric components of the money multiplier, i.e. the currency and reserve ratios are further investigated since the test results suggest the existence of an unstable multiplier in Turkey. The long run equilibrium relation between the supply of money, national income, and the rate of inflation is estimated using Engle- Granger two step method to construct the cointegrating relation and to specify the error correction mechanism for the mpney demand function in Turkey. Finally, we report our empirical findings and discuss the policy requirements of an unstable multiplier for Turkish Economy.
Author: Waheed A. Banafea
Publisher:
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Category :
Languages : en
Pages :
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This dissertation consists of three chapters. The first chapter surveys recent studies on the stability of the money demand function in selected developing countries. This chapter presents specific details about modeling and estimating the money demand function. Also, reasons behind the mixed results in the literature on the stability of the money demand function are explored as well as providing a guideline for future research on the stability of the money demand function in developing countries. The second chapter empirically investigates the stability of the money demand function in South Korea and Malaysia. The conventional money demand specification and cointegration framework with a single unknown structural break are conducted. The results of the residual-based tests for cointegration reveal that the M1, M2, and M3 demand are stable in the long run in Malaysia. However, there is no evidence of the stability for all three measures of the money demand in South Korea. The results of the residual-based tests suggest that structural breaks in the cointegration vectors are important and need to be accounted for in the specification of the M1, M2, and LF demand in South Korea, where LF includes M2 in addition to the reserves of nonbanking financial institutions and long-term deposits. The third chapter complements the previous chapter. It aims to evaluate the stability of the money demand function in South Korea and Malaysia using a cash in advance model and cointegration framework with one unknown structural break. This theoretical model adds short-term foreign interest rates and real exchange rates in addition to short-term domestic interest rates and real income. Also, the Granger causality and currency substitution analysis are conducted in this chapter. The results of the residuals-based tests indicate that the M2 and LF demand in South Korea, and M1, M2, and M3 demand in Malaysia are stable in the long run. The structural breaks may not be fairly absorbed when a cash in advance model is used for M1 in South Korea. Thus, the residual-based tests suggest that the structural break is still important and needs to be included in the specification of the M1 demand in South Korea.
Author: Dennis L. Hoffman
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 46
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Author: Rik W. Hafer
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 24
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Author: Hiroshi Fujiki
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 58
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Author: Dirk C. Shelley
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 208
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Author: Elmer Sterken
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 27
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