This study investigates the stability of money in the proposed East African Monetary Union (EAMU). The study uses annual data for the period 1981 to 2015 from five countries making up the East African Community (EAC). A standard money demand function is designed and estimated using a bounds...

The present paper aims at examining the money demand function in Tunisia during the period 1981-2011. Unlike previous conventional money demand studies, the major components of real income are considered in this paper. Using the ARDL bounds testing approach, results reveal evidence of...

The present study uses the most recent time series data obtained from the Bank of Thailand during the first quarter of 1993 and the fourth quarter of 2012 to investigate the long-run relationship between M1, M2, and M3 money demands and the two determinants (real GDP and interest rate). We use...

The broad aim of this paper is to estimate the money demand function for the case of six Gulf Cooperation Council countries. By applying panel cointegration tests, the empirical results reveal strong evidence of cointegration between the variables of the model for individual countries as well as...

The demand for money is crucial important tool of monetary policy to deal with the macroeconomic problems and to prescribe appropriate policy of the economy. This paper investigates to empirically explore the long-run equilibrium for demand for real money balance as well as short-run dynamics in...

In this paper we investigate both the long and short run relationship between real money balances, real income, inflation rate,foreign interest rate and real effective exchange rate with reference to Pakistan over the period 1982Q2-2002Q4 using ARDL apporach which is a newly developed...

This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. In contrast to the bulk of the literature, evidence in favour of a stable long run money demand function is presented both for the US and the euro area....

Ökonometrische Studien weisen zunehmend auf Instabilitäten in der Geldnachfrage hin. Ein solcher Befund stellt die monetäre Strategie der EZB in Frage, die wesentlich auf einer stabilen Beziehung zwischen den Geldbeständen und ökonomischen Fundamentalvariablen beruht. In diesem Artikel wird...

Eine stabile Geldnachfrage ist eine Grundvoraussetzung für eine erfolgreiche Geldpolitik der Europäischen Zentralbank (EZB). In diesem Beitrag wird untersucht, ob die Geldnachfrage im Euroraum auch im Laufe der Finanzkrise die Bedingung der Stabilität erfüllt. Die Ergebnisse zeigen, dass die...

The main purpose of this paper is to determine whether inflation in South Africa has been caused by excessive monetary expansion over the period 1966-1997, or whether the money supply has merely been passive in the inflationary process. The analysis first draws on Friedman and Schwartz's (1982)...