Purpose – Studies that have addressed the stability of the demand for money in African countries are rare. A few papers … investigate the stability of the M2 demand for money in 21 African countries using quarterly data over the period 1971Q1‐2004Q3 …. Design/methodology/approach – A standard money demand function is designed. It is estimated using a bounds testing approach …

velocity to rise, all without shifting the money demand function. The paper derives a general equilibrium money demand function …The paper functionally describes the income velocity of money by including the cost of a key substitute to money …: exchange credit. Financial innovation causes the cost of credit to fall, the quantity of money demanded to fall, and the …

constent with the idea that time can substitute for money in the provision of transaction services. The estimates are … consistent with both scale economies in the holding of money and secular declines in velocity. …

Purpose – The purpose of this paper is to analyze narrow money demand functions for the Pacific Island countries (PICs … stability of the demand for money is vital for the formulation of the monetary policy. Design/methodology/approach – The … (except for SAM with data from 1980 to 2004) to estimate the narrow money demand equations. To draw inferences relative to the …