A COINTEGRATION AND ERROR CORRECTION APPROACH TO DEMAND FOR MONEY IN FIJI: 1971-2002

B. Bhaskara Rao · Rup Singh

18 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Demand for money is an important macroeconomic relationship. Its stability has implications for the choice of monetary policy targets. This paper estimates demand for narrow money in Fiji and evaluates its robustness and stability. It is found that there is a well determined stable demand for money in Fiji, for three decades, from 1971 to 2002 and its dynamics are adequately captured by the cointegration and error- correction models. Income and interest rate elasticities are found to be significant.

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References

1989The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis 1986The Economics of Money, Banking and Financial Markets 1999Unit Roots, Cointegration, and Structural Change 1978Econometric Modelling of the Aggregate Time-Series Relationship Between Consumers' Expenditure and Income in the United Kingdom 2017The Optimum Quantity of Money 1994A Comparison of Unit-Root Test Criteria 1991Modeling the demand for narrow money in the United Kingdom and the United States 1972The Demand for Money: Theories and Evidence

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2010Some empirical evidence on the demand for money in the Pacific Island countries 2006Demand for money for Fiji with PcGets 2008How does monetary policy transmission mechanism work in Fiji?

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