Numerous studies have empirically examined the money demand function in several developed and developing countries. However, money demand functions in the OPEC economies have been largely ignored. This paper estimates appropriate money demand equations for three OPEC economies, namely Saudi Arabia, Libya and Nigeria. The open-economy nature of the money demand model and its structural stability are stressed and tested. Over the quarterly period 1963 to 1979, the estimated money demand equations for the three countries fit the data quite well and exhibit sturctural stability. Importantly, the inclusion of a variable representing foreign monetary influence into the estimated equations appears necessary for the stability result to emerge.
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