The Stability Of Money Demand Functions

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The Stability Of Money Demand Functions

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Author : Palle Schelde Andersen
language : en
Publisher:
Release Date : 1985

The Stability Of Money Demand Functions written by Palle Schelde Andersen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Demand for money categories.

The Impact Of Banking Crises On Money Demand And Price Stability

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Author : Maria Soledad Martinez Peria
language : en
Publisher: World Bank Publications
Release Date : 2000

The Impact Of Banking Crises On Money Demand And Price Stability written by Maria Soledad Martinez Peria and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking categories.

Policymakers in countries undergoing banking crises should not worry about the structural stability of money demand functions; the behavior of money demand during crises can be modeled by the same function used during periods of tranquility. But policymakers should be aware that in some instances crises can give rise to variance instability in the price or inflation equations.

Survey Of Literature On Demand For Money

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Author : Mr.Subramanian S. Sriram
language : en
Publisher: International Monetary Fund
Release Date : 1999-05-01

Survey Of Literature On Demand For Money written by Mr.Subramanian S. Sriram and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-05-01 with Business & Economics categories.

A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.

An Analysis Of The Stability Of Money Demand Functions Specified With A Divisia Monetary Aggregate As The Dependent Variable

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Author : Richard J. Fendler
language : en
Publisher:
Release Date : 1985

An Analysis Of The Stability Of Money Demand Functions Specified With A Divisia Monetary Aggregate As The Dependent Variable written by Richard J. Fendler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Demand for money categories.

The Stability Of The Dutch Money Demand Function

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Author : Elmer Sterken
language : en
Publisher:
Release Date : 1990

The Stability Of The Dutch Money Demand Function written by Elmer Sterken and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Demand for money categories.

Is There A Stable Money Demand Function Under The Low Interest Rate Policy

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Author : Hiroshi Fujiki
language : en
Publisher:
Release Date : 2001

Is There A Stable Money Demand Function Under The Low Interest Rate Policy written by Hiroshi Fujiki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Demand for money categories.

The Impact Of Banking Crises On Money Demand And Price Stability

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Author : Maria Soledad Martinez Peria
language : en
Publisher:
Release Date : 2016

The Impact Of Banking Crises On Money Demand And Price Stability written by Maria Soledad Martinez Peria and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

Policymakers in countries undergoing banking crises should not worry about the structural stability of money demand functions; the behavior of money demand during crises can be modeled by the same function used during periods of tranquility. But policymakers should be aware that in some instances crises can give rise to variance instability in the price or inflation equations.Martinez Peria empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay. She uses cointegration analysis and error correction modeling to research:middot; Whether money demand stability is threatened by banking crises.middot; Whether crises bring about structural breaks in the relationship between monetary indicators and prices.Overall, she finds no systematic evidence that banking crises cause money demand instability. Nor do the results consistently support the notion that the relationship between monetary indicators and prices undergoes structural breaks during crises. However, although individual coefficients in price equations do not seem to be severely affected by crises, crises can sometimes give rise to variance instability in price or inflation equations.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study banking crises. The study was funded by the Bank's Research Support Budget under the research project Monetary Policy and Monetary Indicators during Banking Crises (RPO 683-24). The author may be contacted at [email protected].

On The Stability Of Money Demand In Ghana

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Author : Jihad Dagher
language : en
Publisher: International Monetary Fund
Release Date : 2011-11-01

On The Stability Of Money Demand In Ghana written by Jihad Dagher and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-01 with Business & Economics categories.

This paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money demand during a period of substantial changes in the financial markets. The empirical evidence points to complex dynamics between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1

Essays On Structural Breaks And Stability Of The Money Demand Function

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Author : Waheed A. Banafea
language : en
Publisher:
Release Date : 2012

Essays On Structural Breaks And Stability Of The Money Demand Function written by Waheed A. Banafea and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

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.

The Stability Of Emu Wide Money Demand Functions And The Monetary Policy Strategy Of The European Central Bank

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Author : Annick Bruggeman
language : en
Publisher:
Release Date : 2001

The Stability Of Emu Wide Money Demand Functions And The Monetary Policy Strategy Of The European Central Bank written by Annick Bruggeman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.

In this paper we investigate whether monetary aggregates could play a role as either intermediate targets or indicators of the single monetary policy of the European Central Bank (ECB). To this end we estimate money demand functions for the European Economic and Monetary Union and test for their stability. Our estimations suggest that M3H in particular can play a role in both a monetary and an inflation targeting strategy. If the ECB chooses to opt for an inflation targeting strategy MR and even M1, in addition to M3H, may well serve as important indicators, alongside a number of other financial and real variables.