Estimating money demand functions for South Asian countries

Narayan, Paresh, Narayan, Seema and Mishra,Vinod 2009, Estimating money demand functions for South Asian countries, Empirical economics, vol. 36, no. 3, pp. 685-696, doi: 10.1007/s00181-008-0219-9.

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Title Estimating money demand functions for South Asian countries
Author(s) Narayan, PareshORCID iD for Narayan, Paresh
Narayan, Seema
Journal name Empirical economics
Volume number 36
Issue number 3
Start page 685
End page 696
Total pages 12
Publisher Physica Verlag
Place of publication Vienna, Austria
Publication date 2009-06
ISSN 0377-7332
Keyword(s) money demand function
cash-in-advance model
panel cointegration
panel Granger causality
Summary In this paper, we estimate a money demand function for a panel of five South Asian countries. We find that the money demand and its determinants, namely real income, real exchange rate and short-term domestic and foreign interest rates are cointegrated both for individual countries as well as for the panel, and panel long-run elasticities provide robust evidence of statistically significant relationships between money demand and its determinants. Our test for panel Granger causality suggests short-run causality running from all variables, except foreign interest rate, to money demand, and we find evidence that except for Nepal money demand functions are stable.
Language eng
DOI 10.1007/s00181-008-0219-9
Field of Research 140305 Time-Series Analysis
Socio Economic Objective 919999 Economic Framework not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2009
Copyright notice ©2008, Springer-Verlag
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Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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