Empirical Analysis of the Money Demand Function in Sub-Saharan Africa
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Pedroni, Peter, 2004.
"Panel Cointegration: Asymptotic And Finite Sample Properties Of Pooled Time Series Tests With An Application To The Ppp Hypothesis,"
Econometric Theory, Cambridge University Press, vol. 20(3), pages 597-625, June.
- Peter Pedroni, 2004. "Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis," Department of Economics Working Papers 2004-15, Department of Economics, Williams College.
- Miller, Stephen M, 1991. "Monetary Dynamics: An Application of Cointegration and Error-Correction Modeling," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 139-154, May.
- Kimbrough, Kent P., 1986. "The optimum quantity of money rule in the theory of public finance," Journal of Monetary Economics, Elsevier, vol. 18(3), pages 277-284, November.
- Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
- Carlo C. A. Winder & Martin M. G. Fase, 1998. "Wealth and the demand for money in the European union," Empirical Economics, Springer, vol. 23(3), pages 507-524.
- Faig, Miquel, 1988. "Characterization of the optimal tax on money when it functions as a medium of exchange," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 137-148, July.
- Gabriel Fagan & JÊrÆme Henry, 1998. "Long run money demand in the EU: Evidence for area-wide aggregates," Empirical Economics, Springer, vol. 23(3), pages 483-506.
- Jenkins, Carolyn, 1999. "Money Demand and Stabilisation in Zimbabwe," Journal of African Economies, Centre for the Study of African Economies, vol. 8(3), pages 386-421, October.
- Kao, Chihwa, 1999. "Spurious regression and residual-based tests for cointegration in panel data," Journal of Econometrics, Elsevier, vol. 90(1), pages 1-44, May.
- Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003.
"Testing for unit roots in heterogeneous panels,"
Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July.
- Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
- Tom Doan, "undated". "IPSHIN: RATS procedure to implement Im, Pesaran and Shin panel unit root test," Statistical Software Components RTS00098, Boston College Department of Economics.
- Peter Pedroni, 1999.
"Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(S1), pages 653-670, November.
- Peter Pedroni, 1999. "Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," Department of Economics Working Papers 2000-02, Department of Economics, Williams College.
- repec:bla:obuest:v:61:y:1999:i:0:p:631-52 is not listed on IDEAS
- Engle, Robert & Granger, Clive, 2015.
"Co-integration and error correction: Representation, estimation, and testing,"
Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-276, March.
- Choi, In, 2001. "Unit root tests for panel data," Journal of International Money and Finance, Elsevier, vol. 20(2), pages 249-272, April.
- Mr. Jean-Claude Nachega, 2001. "Financial Liberalization, Money Demand, and Inflation in Uganda," IMF Working Papers 2001/118, International Monetary Fund.
- Hafer, R W & Jansen, Dennis W, 1991.
"The Demand for Money in the United States: Evidence from Cointegration Tests,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 155-168, May.
- Hafer, R.W. & Jansen, D.W., 1990. "The Demand For Money In The United States: Evidence From Cointegration Tests," Papers 9010, Erasmus University of Rotterdam - Institute for Economic Research.
- Friedman, Benjamin M & Kuttner, Kenneth N, 1992. "Money, Income, Prices, and Interest Rates," American Economic Review, American Economic Association, vol. 82(3), pages 472-492, June.
- repec:bla:obuest:v:61:y:1999:i:0:p:653-70 is not listed on IDEAS
- Kimbrough, Kent P, 1986. "Inflation, Employment, and Welfare in the Presence of Transactions Costs," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(2), pages 127-140, May.
- Peter Pedroni, 2001.
"Purchasing Power Parity Tests In Cointegrated Panels,"
The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 727-731, November.
- Peter Pedroni, 2001. "Purchasing Power Parity Tests in Cointegrated Panels," Department of Economics Working Papers 2001-01, Department of Economics, Williams College.
- Tom Doan, "undated". "RATS programs to replicate Pedroni PPP tests on panel data," Statistical Software Components RTZ00132, Boston College Department of Economics.
- G. Coenen & J.-L. Vega, 2001.
"The demand for M3 in the euro area,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(6), pages 727-748.
- Vega, Juan Luis & Coenen, Günter, 1999. "The demand for M3 in the euro area," Working Paper Series 6, European Central Bank.
- Gunter Coenen & Juan Luis Vega, 2000. "The Demand for M3 in the Euro Area," Econometric Society World Congress 2000 Contributed Papers 0976, Econometric Society.
- Rother, Philipp C, 1999. "Money Demand in the West African Economic and Monetary Union--The Problems of Aggregation," Journal of African Economies, Centre for the Study of African Economies, vol. 8(3), pages 422-447, October.
- Spencer, Peter, 1997. "Monetary integration and currency substitution in the EMS: The case for a European monetary aggregate," European Economic Review, Elsevier, vol. 41(7), pages 1403-1419, July.
- G. S. Maddala & Shaowen Wu, 1999. "A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(S1), pages 631-652, November.
- Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002.
"Unit root tests in panel data: asymptotic and finite-sample properties,"
Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
- Tom Doan, "undated". "LEVINLIN: RATS procedure to perform Levin-Lin-Chu test for unit roots in panel data," Statistical Software Components RTS00242, Boston College Department of Economics.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Khalfaoui, Rabeh & Padhan, Hemachandra & Tiwari, Aviral Kumar & Hammoudeh, Shawkat, 2020.
"Understanding the time-frequency dynamics of money demand, oil prices and macroeconomic variables: The case of India,"
Resources Policy, Elsevier, vol. 68(C).
- Rabeh Khalfaoui & Hemachandra Padhan & Aviral Kumar Tiwari & Shawkat Hammoudeh, 2020. "Understanding the time-frequency dynamics of money demand, oil prices and macroeconomic variables: The case of India," Post-Print hal-03797587, HAL.
- Afees Salisu & Idris Ademuyiwa & Basiru Fatai, 2013. "Modelling the Demand for Money in Sub-Saharan Africa (SSA)," Economics Bulletin, AccessEcon, vol. 33(1), pages 635-647.
- Felix S. Nyumuah, 2017. "An Investigation into the Interest Elasticity of Demand for Money in Developing Countries: A Panel Data Approach," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(3), pages 69-80, March.
- John Paul Dunne & Elizabeth Kasekende, 2018.
"Financial Innovation and Money Demand: Evidence from Sub‐Saharan Africa,"
South African Journal of Economics, Economic Society of South Africa, vol. 86(4), pages 428-448, December.
- Elizabeth Kasekende & John P. Dunne, 2016. "Financial Innovation and Money Demand: Evidence from Sub-Saharan Africa," Working Papers 583, Economic Research Southern Africa.
- J. Paul Dunne & Elizabeth Kasekende, 2017. "Financial Innovation and Money Demand: Evidence from Sub-Saharan Africa," School of Economics Macroeconomic Discussion Paper Series 2017-06, School of Economics, University of Cape Town.
- Frauke Dobnik, 2013. "Long-run money demand in OECD countries: what role do common factors play?," Empirical Economics, Springer, vol. 45(1), pages 89-113, August.
- Syed Abul Basher & Stefano Fachin, 2014.
"Investigating long-run demand for broad money in the Gulf Arab countries,"
Middle East Development Journal, Taylor & Francis Journals, vol. 6(2), pages 199-214, July.
- Syed Basher & Stefano Fachin, 2012. "Investigating Long-Run Demand for Broad Money in the Gulf Arab Countries," DSS Empirical Economics and Econometrics Working Papers Series 2012/6, Centre for Empirical Economics and Econometrics, Department of Statistics, "Sapienza" University of Rome.
- Saten Kumar & Mamta B. Chowdhury & B. Bhaskara Rao, 2013.
"Demand for money in the selected OECD countries: a time series panel data approach and structural breaks,"
Applied Economics, Taylor & Francis Journals, vol. 45(14), pages 1767-1776, May.
- Kumar, Saten & Chowdhury, Mamta & Rao, B. Bhaskara, 2010. "Demand for Money in the Selected OECD Countries: A Time Series Panel Data Approach and Structural Breaks," MPRA Paper 22204, University Library of Munich, Germany.
- Frauke Dobnik, 2011. "OLong-run Money Demand in OECD Countries – Cross-Member Cointegration," Ruhr Economic Papers 0237, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Nano Prawoto, 2010. "Money demand: a study on the Indonesian influential factors," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 2(3), pages 223-236, April.
- Samih Antoine Azar & Fadi Asrawi & Emad Gharzuddine, 2017. "Economic Integration in the Six Middle Eastern Gulf Countries: A Look from the Perspective of Money Demand," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 16(3), pages 189-218, December.
- Mr. Andrew Berg & Ms. Filiz D Unsal & Mr. Rafael A Portillo, 2010. "On the Optimal Adherence to Money Targets in a New-Keynesian Framework: An Application to Low-Income Countries," IMF Working Papers 2010/134, International Monetary Fund.
- Prasert Chaitip & Chukiat Chaiboonsri, 2009. "A Panel Cointegration Analysis: Thailand’s International Tourism Demand Model," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 9(1), pages 129-142.
- Chukiat Chaiboonsri & Jittaporn Sriboonjit & Thanes Sriwichailamphan & Prasert Chaitip & Songsak Sriboonchitta, 2010. "A Panel Cointegration Analysis: An Application To International Tourism Demand Of Thailand," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 10(3), pages 69-86.
- Nicholas Apergis, 2015. "Long-run estimates of money demand: new evidence from East Asian countries and the presence of structural breaks," Applied Economics, Taylor & Francis Journals, vol. 47(31), pages 3276-3291, July.
- Agya Atabani Adi & Joshua Sunday Riti, 2017. "Determination of Long and Short Run Demand for Money in the West African Monetary Zone (WAMZ) Countries: A Panel Analysis," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 2(2), pages 79-97, December.
- Dobnik, Frauke, 2011. "Long-run Money Demand in OECD Countries – Cross-Member Cointegration," Ruhr Economic Papers 237, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
- Birendra Bahadur Budha, 2011. "An Empirical Analysis of Money Demand Function in Nepal," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 23(1), pages 54-70, April.
- repec:zbw:rwirep:0237 is not listed on IDEAS
- Payam MOHAMMAD ALIHA & Tamat SARMIDI & Abu Hassan SHAAR & Fathin FAIZAH SAID, 2017. "Using Ardl Approach To Cointehration For Investigating The Relationship Between Payment Technologies And Money Demand On A World Scale," Regional Science Inquiry, Hellenic Association of Regional Scientists, vol. 0(2), pages 29-37, December.
- John Bosco Nnyanzi, 2018. "The Interaction Effect of Financial Innovation and the Transmission Channels on Money Demand in Uganda," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(12), pages 1-1, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- repec:ebl:ecbull:v:15:y:2008:i:4:p:1-15 is not listed on IDEAS
- Shigeyuki Hamori & Naoko Hamori, 2009. "Introduction of the Euro and the Monetary Policy of the European Central Bank," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 7169, August.
- Hamori, Shigeyuki & Hamori, Naoko, 2008. "Demand for money in the Euro area," Economic Systems, Elsevier, vol. 32(3), pages 274-284, September.
- Fang, Zheng & Chang, Youngho, 2016. "Energy, human capital and economic growth in Asia Pacific countries — Evidence from a panel cointegration and causality analysis," Energy Economics, Elsevier, vol. 56(C), pages 177-184.
- Pao, Hsiao-Tien & Tsai, Chung-Ming, 2011. "Multivariate Granger causality between CO2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, I," Energy, Elsevier, vol. 36(1), pages 685-693.
- Pedro Teles & Harald Uhlig & João Valle e Azevedo, 2016.
"Is Quantity Theory Still Alive?,"
Economic Journal, Royal Economic Society, vol. 126(591), pages 442-464, March.
- Teles, Pedro & Uhlig, Harald, 2010. "Is Quantity Theory Still Alive?," CEPR Discussion Papers 8049, C.E.P.R. Discussion Papers.
- Teles, Pedro & Uhlig, Harald, 2013. "Is quantity theory still alive?," Working Paper Series 1605, European Central Bank.
- Pedro Teles & Harald Uhlig, 2010. "Is Quantity Theory Still Alive?," NBER Working Papers 16393, National Bureau of Economic Research, Inc.
- Pao, Hsiao-Tien & Tsai, Chung-Ming, 2010. "CO2 emissions, energy consumption and economic growth in BRIC countries," Energy Policy, Elsevier, vol. 38(12), pages 7850-7860, December.
- Breitung, Jörg & Pesaran, Mohammad Hashem, 2005.
"Unit roots and cointegration in panels,"
Discussion Paper Series 1: Economic Studies
2005,42, Deutsche Bundesbank.
- Joerg Breitung & M. Hashem Pesaran, 2005. "Unit Roots and Cointegration in Panels," CESifo Working Paper Series 1565, CESifo.
- Jörg Breitung & M. Hashem Pesaran, 2005. "Unit Roots and Cointegration in Panels," IEPR Working Papers 05.32, Institute of Economic Policy Research (IEPR).
- Breitung, J. & Pesaran, M.H., 2005. "Unit Roots and Cointegration in Panels," Cambridge Working Papers in Economics 0535, Faculty of Economics, University of Cambridge.
- Yoichi Matsubayashi & Shigeyuki Hamori, 2009.
"Empirical analysis of import demand behavior of least developed countries,"
Economics Bulletin, AccessEcon, vol. 29(2), pages 1443-1458.
- Yoichi, Matsubayashi & Shigeyuki, Hamori, 2009. "Empirical Analysis of Import Demand Behavior of Least Developed Countries," MPRA Paper 17266, University Library of Munich, Germany.
- Juan Carlos Aquino & N. R. Ramírez-Rondán, 2020.
"Estimating factor shares from nonstationary panel data,"
Empirical Economics, Springer, vol. 58(5), pages 2353-2380, May.
- Juan Aquino-Chávez & N.R. Ramírez-Rondán, 2017. "Estimating Factor Shares from Nonstationary Panel Data," Working Papers 89, Peruvian Economic Association.
- Nguyen, Kim Hanh & Kakinaka, Makoto, 2019. "Renewable energy consumption, carbon emissions, and development stages: Some evidence from panel cointegration analysis," Renewable Energy, Elsevier, vol. 132(C), pages 1049-1057.
- Sangjoon Jun, 2006. "The Nexus between IT Investment and Banking Performance in Korea," Global Economic Review, Taylor & Francis Journals, vol. 35(1), pages 67-96.
- Phrakhruopatnontakitti & Busakorn Watthanabut & Kittisak Jermsittiparsert, 2020. "Energy Consumption, Economic Growth and Environmental Degradation in 4 Asian Countries: Malaysia, Myanmar, Vietnam and Thailand," International Journal of Energy Economics and Policy, Econjournals, vol. 10(2), pages 529-539.
- Xin Gu & Zhang-Yue Zhou & A.B.M. Rabiul Alam Beg, 2014. "What determines China's trade balance dynamics: a disaggregate analysis of panel data," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 19(2), pages 353-368, April.
- Ozcan, Burcu & Temiz, Mehmet & Gültekin Tarla, Esma, 2023. "The resource curse phenomenon in the case of precious metals: A panel evidence from top 19 exporting countries," Resources Policy, Elsevier, vol. 81(C).
- BADALYAN, Gohar & HERZFELD, Thomas & RAJCANIOVA, Miroslava, 2014.
"Transport Infrastructure And Economic Growth: Panel Data Approach For Armenia, Georgia And Turkey,"
Review of Agricultural and Applied Economics (RAAE), Faculty of Economics and Management, Slovak Agricultural University in Nitra, vol. 17(2), pages 1-10, October.
- Badalyan, Gohar & Herzfeld, Thomas & Rajcaniova, Miroslava, 2014. "Transport infrastructure and economic growth: Panel data approach for Armenia, Georgia and Turkey," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 17(2), pages 22-31.
- Badalyan, Gohar & Herzfeld, Thomas & Rajcaniova, Miroslava, 2014. "Transport infrastructure and economic growth: Panel data approach for Armenia, Georgia and Turkey," 142nd Seminar, May 29-30, 2014, Budapest, Hungary 168922, European Association of Agricultural Economists.
- Mónica Meireles & Margarita Robaina & Daniel Magueta, 2021. "The Effectiveness of Environmental Taxes in Reducing CO 2 Emissions in Passenger Vehicles: The Case of Mediterranean Countries," IJERPH, MDPI, vol. 18(10), pages 1-13, May.
- Omri, Anis, 2018.
"Entrepreneurship, sectoral outputs and environmental improvement: International evidence,"
Technological Forecasting and Social Change, Elsevier, vol. 128(C), pages 46-55.
- Omri, Anis, 2017. "Entrepreneurship, Sectoral Outputs and Environmental Improvement : International Evidence," MPRA Paper 82450, University Library of Munich, Germany.
- Omri, Anis, 2017. "Entrepreneurship, Sectoral Outputs and Environmental Improvement : International Evidence," MPRA Paper 82440, University Library of Munich, Germany.
- Edmore Mahembe & Nicholas Mbaya Odhiambo, 2019.
"Foreign aid, poverty and economic growth in developing countries: A dynamic panel data causality analysis,"
Cogent Economics & Finance, Taylor & Francis Journals, vol. 7(1), pages 1626321-162, January.
- Mahembe, Edmore & Odhiambo, Nicholas M, 2019. "Foreign aid,poverty and economic growth in developing countries: A dynamic panel data causality analysis," Working Papers 25170, University of South Africa, Department of Economics.
- Acikgoz, Senay & Ben Ali, Mohamed Sami, 2019. "Where does economic growth in the Middle Eastern and North African countries come from?," The Quarterly Review of Economics and Finance, Elsevier, vol. 73(C), pages 172-183.
- Gharehgozli, Orkideh, 2021. "An empirical comparison between a regression framework and the Synthetic Control Method," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 70-81.
More about this item
JEL classification:
- O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-08o10003. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: John P. Conley (email available below). General contact details of provider: .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.