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Recent developments in the theory of dynamic specification are applied to the estimation of the demand for money in post-independence Kenya. The models use a broad specification of the demand function, allowing for parallel market currency substitution effects, from which robust error-correction...
Persistent link: https://www.econbiz.de/10005035350
Global food prices have risen sharply in recent years and have become more volatile. In this paper, I examine how these developments are transmitted to domestic food and non-food markets in low-income economies and consider the options available to policymakers concerned with managing the...
Persistent link: https://www.econbiz.de/10009148717
Between January 2006 and April 2008 the real price of food traded on world markets rose by around 80%. The factors behind this dramatic surge are varied and, to an extent, remain contested, although fundamental shifts in patterns of demand, the effects of climate change, and the greater use of...
Persistent link: https://www.econbiz.de/10009148719
Persistent link: https://www.econbiz.de/10009148736
This paper examines the impact of exchange rate and financial sector liberalisation measures implemented in the early 1990s on the private sector's demand for base money in Zambia. Using time-series data I show how the removal of controls on asset markets led to a permanent shift in the demand...
Persistent link: https://www.econbiz.de/10005568519
Persistent link: https://www.econbiz.de/10005568525