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How stable is the demand for money in Greece?

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Author Info
Mohsen Bahmani-oskooee
Charikleia Economidou

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Abstract

The cointegration technique is now a common method of estimating any money demand function. Numerous studies that applied this technique to estimate the money demand function in Greece, interpreted their finding of cointegration as a sign of stable money demand. In this paper, after incorporating CUSUM and CUSUMSQ tests into cointegration analysis, we show that even though M1 and M2 monetary aggregates are cointegrated with income and interest rate, the M2 money demand function is unstable while M1 is stable.

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File URL: http://taylorandfrancis.metapress.com/link.asp?target=contribution&id=L11M75679331P158
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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 19 (2005)
Issue (Month): 3 (September)
Pages: 461-472
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Handle: RePEc:taf:intecj:v:19:y:2005:i:3:p:461-472

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Related research
Keywords: Money demand; cointegration; stability test; Greece;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Karfakis, Costas I & Parikh, Ashok, 1993. "A Cointegration Approach to Monetary Targeting in Australia," Australian Economic Papers, Blackwell Publishing, vol. 32(60), pages 53-72, June.
  2. Johansen, S., 1991. "Testing Weak Exogeneity and the Order of Cointegration in UK Money Demand Data," Papers 78, Helsinki - Department of Economics.
    Other versions:
  3. Hafer, R W & Jansen, Dennis W, 1991. "The Demand for Money in the United States: Evidence from Cointegration Tests," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 155-68, May. [Downloadable!] (restricted)
    Other versions:
  4. 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.
  5. Bahmani-Oskooee, Mohsen, 1996. "The black market exchange rate and demand for money in Iran," Journal of Macroeconomics, Elsevier, vol. 18(1), pages 171-176. [Downloadable!] (restricted)
  6. Bahmani-Oskooee, Mohsen & Bohl, Martin T., 2000. "German monetary unification and the stability of the German M3 money demand function," Economics Letters, Elsevier, vol. 66(2), pages 203-208, February. [Downloadable!] (restricted)
  7. Karfakis, Costas & Sidiropoulos, Moise, 2000. "On the Stability of the Long-Run Money Demand in Greece," Applied Economics Letters, Taylor and Francis Journals, vol. 7(2), pages 83-86, February. [Downloadable!] (restricted)
  8. Karfakis, C.I., 1991. "Monetary Policy and the Velocity of Money in Greece: A Cointegration Approach," Papers 160, Sydney - Department of Economics.
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  9. Mohesen Bahmani-Oskooee & Sungwon Shin, 2002. "Stability Of The Demand For Money In Korea," International Economic Journal, Korean International Economic Association, vol. 16(2), pages 85-95, June. [Downloadable!] (restricted)
  10. Hoffman, Dennis L & Rasche, Robert H, 1991. "Long-Run Income and Interest Elasticities of Money Demand in the United States," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 665-74, November. [Downloadable!] (restricted)
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  11. Nicholas Apergis, 1999. "Inflation Uncertainly And Money Demand: Evidence From A Monetary Regime Change And The Case Of Greece," International Economic Journal, Korean International Economic Association, vol. 13(2), pages 21-30, June. [Downloadable!] (restricted)
  12. Sunil Sharma & Neil R. Ericsson, 1996. "Broad Money Demand and Financial Liberalization in Greece," IMF Working Papers 96/62, International Monetary Fund.
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  13. Athanasios Papadopoulos & George Zis, . "The Demand For Money In Greece: Further Empirical Results And Policy Implications," Working Papers 9405, University of Crete, Department of Economics.
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  14. Muscatelli, Vito Antonio & Papi, Luca, 1990. "Cointegration, Financial Innovation and Modelling the Demand for Money in Italy," The Manchester School of Economic & Social Studies, Blackwell Publishing, vol. 58(3), pages 242-59, September.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Christos Karpetis, 2008. "Money, Income and Inflation in Equilibrium – The Case of Greece," International Advances in Economic Research, Springer, vol. 14(2), pages 205-214, May. [Downloadable!] (restricted)
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