HOSSAIN, AKHAND AKHTAR - In: The Singapore Economic Review (SER) 56 (2011) 01, pp. 61-77
This paper adopts the Johansen approach to cointegration to estimate a narrow money-demand function for Indonesia with annual data for the period 1970–2007. Empirical results suggest that there exists a cointegral relationship between real narrow balances, real permanent income and the deposit...