Long-Run Demand for Money in Hong Kong: An Application of the ARDL Model

Mohsen Bahmani‐Óskooee · Wing W. Y. Ng

233 citations0/0 files storedInternational journal of business and economics

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

Abstract

We examine the long-run demand for money of Hong Kong using the autoregressive distributed lag (ARDL) cointegration procedure on quarterly data over the period 1985Q1-1999Q4. Estimation results suggest that HK$M2 is cointegrated with its determinants. In addition, the CUSUM and CUSUMSQ tests confirm the stability of the money demand function.

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1996Testing for the 'Existence of a Long-run Relationship'1999Bounds Testing Approaches to the Analysis of Long-run Relationships 1981Demand for money in open economies

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