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)
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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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