Estimating the demand for money in an unstable open economy : the case of the Fiji Islands

Narayan, Paresh Kumar and Narayan, Seema 2008, Estimating the demand for money in an unstable open economy : the case of the Fiji Islands, Economic issues, vol. 13, no. 1, pp. 71-91.

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Title Estimating the demand for money in an unstable open economy : the case of the Fiji Islands
Author(s) Narayan, Paresh Kumar
Narayan, Seema
Journal name Economic issues
Volume number 13
Issue number 1
Start page 71
End page 91
Publisher Economic Issues Education Fund
Place of publication [London, England]
Publication date 2008-03
ISSN 1363-7029
Summary In this paper, we estimate Fiji's money demand function for the period 1971-2002 based on the bounds testing approach to cointegration, which is applicable irrespective of whether or not the underlying variables are non-stationary. We estimate models with and without a time trend and for lag lengths ranging from 1-3, but fail to find any evidence for a long-run relationship. Moreover, our structural break analysis suggests that the unstable nature of Fiji's money demand may be due to atypical events, such as coups; the implementation of policies, such as devaluations and value added tax; and the onset of trade liberalisation policies over the last two decades.
Language eng
Field of Research 140305 Time-Series Analysis
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2008
Copyright notice ©2008, Economic Issues Education Fund
Persistent URL http://hdl.handle.net/10536/DRO/DU:30017980

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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