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Demand For Money In Kazakhstan: 2000-2007

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Author Info

  • Yilmaz, Mesut

    ()
    (Suleyman Demirel University, Department of Economics, Almaty, Kazakhstan)

  • Oskenbayev, Yessengali

    ()
    (Center for Development Research, Bonn D-53111, Germany)

  • Kanat, Abdulla

    ()
    (National Analytical Center under the Government and National Bank of Kazakhstan, Almaty, Kazakhstan)

Abstract

This paper aims to investigate the demand for money in Kazakhstan. This study covers the period starting from 2000:01, when capital liberalization program was launched and the National Bank approved managed float regime (the National Bank employed adjustable exchange rate regime before exchange rate crisis in Kazakhstan in 1999) to 2007:12 as recent available data for investigation variables. In order to achieve the goal we set demand for money function is estimated using cointegration methodology aimed for variables integrated of order one. The results show important key factors for controlling money demand could be applied by the National Bank of Kazakhstan. Besides, there was reversal of currency in Kazakhstan over the period under investigation.

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Bibliographic Info

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

Volume (Year): (2010)
Issue (Month): 1 (March)
Pages: 118-129

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Handle: RePEc:rjr:romjef:v::y:2010:i:1:p:118-129

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Related research

Keywords: demand for money; currency substitution; reversed dollarization; Kazakhstan;

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References

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  1. Schwert, G William, 2002. "Tests for Unit Roots: A Monte Carlo Investigation," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 5-17, January.
  2. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  3. Girton, Lance & Roper, Don E, 1981. "Theory and Implications of Currency Substitution," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 13(1), pages 12-30, February.
  4. Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, Palgrave Macmillan, vol. 47(3), pages 3.
  5. Sharon Eicher, 2004. "What Causes Bank Asset Substitution In Kazakhstan? Explaining Currency Substitution In A Transition Economy," William Davidson Institute Working Papers Series 2004-688, William Davidson Institute at the University of Michigan.
  6. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  7. Franziska Ohnsorge & Nienke Oomes, 2005. "Money Demand and Inflation in Dollarized Economies," IMF Working Papers 05/144, International Monetary Fund.
  8. Oomes, Nienke & Ohnsorge, Franziska, 2005. "Money demand and inflation in dollarized economies: The case of Russia," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 462-483, September.
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Cited by:
  1. Khan, Rana Ejaz Ali & Hye, Qazi Muhammad Adnan, 2011. "Financial Liberalization And Demand For Money: A Case of Pakistan," MPRA Paper 34795, University Library of Munich, Germany.
  2. Alikhanov, Murat & Taylor, Leon, 2013. "An algorithm for estimating the volatility of the velocity of money," MPRA Paper 49313, University Library of Munich, Germany.

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