Purpose – This paper aims to investigate the presence of currency substitution in eight African countries. Design/methodology/approach – This study investigates the presence of currency substitution in eight African countries – Egypt, Morocco, Nigeria, Ghana, Kenya, South Africa, Tunisia...

Applies an error-correction model to demand for money in five African economies: Congo, Côte d'Ivoire, Mauritius, Morocco and Tunisia. Attention is given to a set of opportunity cost variables including expected inflation, domestic interest rate, foreign interest rate and expected exchange-rate...

Purpose – The purpose of this paper is to empirically investigate the money demand function for five Southeast Asian countries, viz. Malaysia, Thailand, Singapore, the Philippines, and Indonesia. Design/methodology/approach – The ARDL modeling approach is employed because of its ability to...

This paper inquires into monetary standards, focusing on the characteristics of money instead of the exchange rate regime. The transition from commodity to fiat money, a major break in monetary evolution, has led to international arrangements that represent an application of the competitive...

The objective of this study is to propose an economic model of the nominal money balances and reserves in the Turkish economy during the period 1960-1988. As most of the variables show unit root non-stationarity, an approach based on the error correction system (Phillips, 1991) is adopted. The...

According to the New Monetary Economics (NME), the introduction of non-tangible payments media would altogether invalidate current monetary economics. After an illustration of the main tenets of the NME, critically analyses its rejection of both the quantity theory and liquidity preference on...

The optimum quantity of money proposition, whose validity is agreed on, is actually open to criticism. The present paper argues that the weaknesses of the Friedman Rule from the application of the welfare theorems of general equilibrium theory to a monetary economy and shows how, the consistency...

The final stage of the changeover to the euro consisted of the introduction of euro coins and banknotes on 1 January, 2002. The national changeover plans, that provided the scenarios, were based on the exclusive transaction function of money. However, in most European countries high-denomination...

The relative impacts of the monetised and non-monetised deficit on output and inflation in the United States are assessed using annual data for the 1923-1982 period. With Federal Reserve purchases of government debt serving as a measure of monetisation, the results of Granger causality tests...

Purpose – The purpose of this paper is to simulate the indirect and direct effects of remittances in developing countries. Design/methodology/approach – The paper estimates a dynamic macroeconomic model and estimates the short-run and long-run dynamic multiplier effects of hypothetical...