Central banks or monetary authorities are usually responsible for printing money, which means releasing new money to the economy. Such new money issued by the central bank is reflected by the changes in ‘reserve money' stock of the central bank. Money printing process is entirely based on...

Currency adjusted stock indices consider the impact of both stock value changes and underlying currency value changes on total wealth changes. This paper explores causality and cointegration of currency-adjusted indices using intraday data. This paper examines tick-by-tick data for seven...

In this article we derive a microfounded model of money demand under uncertainty built on intertemporally optimizing risk-averse households. Deriving a complete solution of the optimization problem taking the intertemporal budget constraint into account leads to ambiguous effects w.r.t. to the...

In this article we derive a microfounded model of money demand under uncertainty built on intertemporally optimizing risk-averse households. Deriving a complete solution of the optimization problem taking the intertemporal budget constraint into account where linearization procedures in our...

This study examines the persistence of currency substitution in Nigeria by applying the Bounds testing approach to cointegration and including a ratchet variable in the estimated Autoregressive Distributed Lag (ARDL) model. Empirical results show that factors such as exchange rate risks,...

In this paper, utilising the endogenous growth model, we assess the joint long-run determination of economic growth by non-performing loans (NPLs) and by other factors that include bank credit to the economy, gross secondary school enrolment, government expenditure growth rate and the inflation...

The insights on the long run relationship amongst money supply and government revenues are of significant importance for monetary-fiscal policy formulation in a developing country like Nigeria. Taking into account the vital importance of these two variables, we empirically analyzed the long-run...

The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...

The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...