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Money, Income, Prices and Causality: The Nepalese Case

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  • Danda Pani Paudel

Abstract

This paper is aimed at reviewing briefly the monetary system in Nepal and then performing empirical tests conducive to the settlement of the disputes on the direction of causality. Accordingly, the author, re-estimated the demand for money and re-examined the causal relationship between money, income and prices in the case of Nepal. He uses annual time series for different monetary aggregates, nominal and real income and prices covering the period 1963-1992.The data series were tested for their stationarity by using unit roots and cointegration techniques followed by optimum-lag-length test for causality based on Akaike's and Schwarz's information criteria. Based on the tests which he performed, he finds unidirectional causality from narrow and reserve money to income and prices.

Suggested Citation

  • Danda Pani Paudel, 1994. "Money, Income, Prices and Causality: The Nepalese Case," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp53, April.
    • Handle: RePEc:sea:spaper:sp53
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