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The Demand for Money in Sierra Leone Revisited

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  • Kelfala M. Kallon

Abstract

This paper uses Johansen's cointegration methodology to estimate Sierra Leone's money long-run demand function for the 1964-2005 period. It finds a stable long-run relationship between the quantity of real money balances and its determinants. Secondly, all the estimated coefficients have their expected signs. Additionally, as expected in economies with under-developed financial systems, Sierra Leone's long-run money demand function is unit income-elastic and interest-rate inelastic. Thus, the study provides support for the neoclassical money demand specification. Additionally, it reaffirms the central findings of Kallon (1992).

Suggested Citation

  • Kelfala M. Kallon, 2009. "The Demand for Money in Sierra Leone Revisited," Journal of African Development, African Finance and Economic Association (AFEA), vol. 11(1), pages 41-59.
    • Handle: RePEc:afe:journl:v:11:y:2009:i:1:p:41-59
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