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Author/Editor:
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Dagher, Jihad ; Kovanen, Arto
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Publication Date:
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November 01, 2011
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Electronic Access:
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Free Full text
(PDF file size is 365KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money demand during a period of substantial changes in the financial markets. The empirical evidence points to complex dynamics between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1
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Order a print copy
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Series:
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Working Paper No. 11/273
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Subject(s):
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Capital markets | Demand for money | Inflation targeting | Monetary policy | Ghana
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Author's Keyword(s):
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Money demand | bounds testing | stability | Ghana. |
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