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The Demand for Money in Transition Economies

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Author Info

  • Ozturk, Ilhan

    () (Faculty of Economics and Administrative Sciences, Cag University, 33800, Mersin, Turkey.)

  • Acaravci, Ali

    () (Faculty of Economics and Administrative Sciences, Mustafa Kemal University, Antakya-Hatay, Turkey)

Abstract

This paper examines the long-run determinants of the demand for money in ten transition countries using panel data for the 1994-2005 period. Using panel unit root tests we rejected the the null hypothesis of the nonstationarity and employed the feasible generalized least squares (FGLS) model. Consistent with theoretical postulates, it is found that (a) the demand for money in the long-run positively responds to real GDP and inversely to the inflation and the real effective exchange rate and (b) the long-run income elasticity is about unity.

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File URL: http://www.ipe.ro/rjef/rjef2_08/rjef2_08_2.pdf
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Bibliographic Info

Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): 5 (2008)
Issue (Month): 2 (June)
Pages: 35-43
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:rjr:romjef:v:5:y:2008:i:2:p:35-43

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Related research

Keywords: demand for money; transition economies; panel unit root test; feasible GLS;

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Cited by:
  1. Daniela Zapodeanu & Mihail Ioan Cociuba, 2010. "Linking Money Supply With The Gross Domestic Product In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(12), pages 50.

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