The Demand for Money in Transition Economies

İlhan Öztürk · Ali Acaravcı

11 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

This paper examines the long-run determinants of the demand for money in ten transition countries using panel data for the 1994-2005 period. Using panel unit root tests we rejected the the null hypothesis of the nonstationarity and employed the feasible generalized least squares (FGLS) model. Consistent with theoretical postulates, it is found that (a) the demand for money in the long-run positively responds to real GDP and inversely to the inflation and the real effective exchange rate and (b) the long-run income elasticity is about unity.

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References

2003Testing for unit roots in heterogeneous panels 2002Unit root tests in panel data: asymptotic and finite-sample properties 1963Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates 1992Testing weak exogeneity and the order of cointegration in UK money demand data 1997The Demand for Money: Theories, Evidence, and Problems 2003Money and inflation in the euro area: A case for monetary indicators?2001The demand for M3 in the euro area 2000A Survey of Recent Empirical Money Demand Studies

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