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On the Dynamic Specification of Money Demand in Kenya

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  • Adam, Christopher

Abstract

Recent developments in the theory of dynamic specification are applied to the estimation of the demand for money in post-independence Kenya. The models use a broad specification of the demand function, allowing for parallel market currency substitution effects, from which robust error-correction models of money demand are estimated for a range of standard and Divisia monetary aggregates and are shown to encompass existing studies. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Adam, Christopher, 1992. "On the Dynamic Specification of Money Demand in Kenya," Journal of African Economies, Centre for the Study of African Economies, vol. 1(2), pages 233-270, August.
    • Handle: RePEc:oup:jafrec:v:1:y:1992:i:2:p:233-70
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    Cited by:

    1. Kumar, Saten & Webber, Don J. & Fargher, Scott, 2013. "Money demand stability: A case study of Nigeria," Journal of Policy Modeling, Elsevier, vol. 35(6), pages 978-991.
    2. Lekgatlhamang Setlhare, 2004. "Bank Of Botswana'S Reaction Function: Modelling Botswana'S Monetary Policy Strategy," South African Journal of Economics, Economic Society of South Africa, vol. 72(2), pages 384-406, June.
    3. Lydia Ndirangu & Esman Morekwa Nyamongo, 2015. "Financial Innovations and Their Implications for Monetary Policy in Kenya," Journal of African Economies, Centre for the Study of African Economies, vol. 24(suppl_1), pages 46-71.
    4. C. P. Barros & João Ricardo Faria & Luis A. Gil-Alana, 2017. "The demand for money in Angola," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(2), pages 408-420, April.
    5. Michaël GOUJON & Sylviane GUILLAUMONT JEANNENEY & Christopher ADAM, 2002. "Currency substitution and the transactions demand for money in Vietnam," Working Papers 200228, CERDI.
    6. repec:aer:wpaper:193 is not listed on IDEAS
    7. Manamba EPAPHRA, 2017. "An Econometric Analysis of Demand for Money and its Stability in Tanzania," Turkish Economic Review, KSP Journals, vol. 4(2), pages 167-192, June.
    8. Christopher Adam & Michael Goujon & Sylviane Guillaumont Jeanneney, 2004. "The transactions demand for money in the presence of currency substitution: evidence from Vietnam," Applied Economics, Taylor & Francis Journals, vol. 36(13), pages 1461-1470.
    9. Hondroyiannis, G. & Sardianou, E. & Nikou, V. & Evangelinos, K. & Nikolaou, I., 2024. "Circular economy and macroeconomic performance: Evidence across 28 European countries," Ecological Economics, Elsevier, vol. 215(C).
    10. Muhanji, Stella & Malikane, Christopher & Ojah, Kalu, 2013. "Price and liquidity puzzles of a monetary shock: Evidence from indebted African economies," Economic Modelling, Elsevier, vol. 33(C), pages 620-630.
    11. David Fielding & Kevin Lee & Kalvinder Shields, 2012. "Does one size fit all? Modelling macroeconomic linkages in the West African Economic and Monetary Union," Economic Change and Restructuring, Springer, vol. 45(1), pages 45-70, February.
    12. doğru, bülent, 2013. "Dynamic Analysis of Money Demand Function: Case of Turkey," MPRA Paper 48402, University Library of Munich, Germany.
    13. Daniel Zerfu Gurara, 2013. "This paper presents a macroeconometric model of Rwanda. The model is constructed to analyze the macroeconomic effects of various policy interventions. It captures the supply constrained nature of the ," Working Paper Series 476, African Development Bank.
    14. Elmer Sterken, 2004. "Demand for money and shortages in Ethiopia," Applied Economics Letters, Taylor & Francis Journals, vol. 11(12), pages 759-769.
    15. Nabiddo, Winnie, 2007. "The analysis of money demand for Uganda (1986:1-2003:4)," Occasional Papers 54936, Economic Policy Research Centre (EPRC).
    16. Berhanu, Denu, 2006. "Dynamic Money Demand Function for Ethiopia," Ethiopian Journal of Economics, Ethiopian Economics Association, vol. 12(2), pages 1-81, November.
    17. Ndung'u, N.S., 1999. "Monetary and Exchange Rate Policy in Kenya," Papers 94, African Economic Research Consortium.
    18. repec:dgr:rugcds:199909 is not listed on IDEAS
    19. Hussin Abdullah & Shehu El-Rasheed, 2019. "Financial Sector Reforms, Monetary and Output Uncertainties and the Behavior of Money Demand in Kenya: The Divisia Index Approach," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(7), pages 766-777, July.
    20. Collier, Paul & Gunning, Jan Willem, 1995. "War, peace and private portfolios," World Development, Elsevier, vol. 23(2), pages 233-241, February.
    21. Mr. Subramanian S Sriram, 1999. "Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Models," IMF Working Papers 1999/064, International Monetary Fund.
    22. Michaël GOUJON & Sylviane GUILLAUMONT JEANNENEY & Christopher ADAM, 2003. "Currency substitution and the transactions demand for money," Working Papers 200304, CERDI.
    23. David Fielding & Kevin Lee & Kalvinder Shields, 2004. "Modelling Macroeconomic Linkages in a Monetary Union: A West African Example," WIDER Working Paper Series RP2004-22, World Institute for Development Economic Research (UNU-WIDER).
    24. 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.

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