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On The Variable Money Demand Elasticity: The Case Of Taiwan

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Author Info
Yu HSING

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Abstract

This study attempts to examine the money-demand function for Taiwan by applying the BCEA model of Savin and White (1978). Major findings are: (1) the conventional double-log form is inappropriate for Taiwan; (2) the income elasticity of money demand rose from 1.29 in 1969, 2 to 1.74 in 1988, 3, compared to a range of 0.6 to 0.8 estimated for the U.S.; and (3) the interest elasticity of money demand varied from - 0.25 to - 0.62 during the same period. The author has also found that estimated income and interest elasticities of money demand tor the U.S. varied widely during 1970--1987. [310]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 3 (1989)
Issue (Month): 3 (October)
Pages: 43-52
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Handle: RePEc:taf:intecj:v:3:y:1989:i:3:p:43-52

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  1. Fair, Ray C, 1987. "International Evidence on the Demand for Money," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 473-80, August. [Downloadable!] (restricted)
    Other versions:
  2. Goldfeld, Stephen M & Sichel, Daniel E, 1987. "Money Demand: The Effects of Inflation and Alternative Adjustment Mechanisms," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 511-15, August. [Downloadable!] (restricted)
  3. Spencer, David E, 1985. "Money Demand and the Price Level," The Review of Economics and Statistics, MIT Press, vol. 67(3), pages 490-96, August. [Downloadable!] (restricted)
  4. Roley, V Vance, 1985. "Money Demand Predictability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(4), pages 611-41, November. [Downloadable!] (restricted)
  5. Seaks, Terry G & Layson, Stephen K, 1983. "Box-Cox Estimation with Standard Econometric Problems," The Review of Economics and Statistics, MIT Press, vol. 65(1), pages 160-64, February. [Downloadable!] (restricted)
  6. Smyth, David J & Dua, Pami, 1988. "Public Perceptions of Macroeconomic Policy: An Econometric Analysis of the Reagan Presidency," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 357-61, May. [Downloadable!] (restricted)
  7. Spitzer, John J, 1982. "A Primer on Box-Cox Estimation," The Review of Economics and Statistics, MIT Press, vol. 64(2), pages 307-13, May. [Downloadable!] (restricted)
  8. Stephen M. Goldfeld, 1976. "The Case of the Missing Money," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 7(1976-3), pages 683-740. [Downloadable!]
  9. Poole, William, 1988. "Monetary Policy Lessons of Recent Inflation and Disinflation," Journal of Economic Perspectives, American Economic Association, vol. 2(3), pages 73-100, Summer. [Downloadable!] (restricted)
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  10. Hwang, Hae-shin, 1985. "Test of the Adjustment Process and Linear Homogeneity in a Stock Adjustment Model of Money Demand," The Review of Economics and Statistics, MIT Press, vol. 67(4), pages 689-92, November. [Downloadable!] (restricted)
  11. Stephen M. Goldfeld, 1973. "The Demand for Money Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 4(1973-3), pages 577-646. [Downloadable!]
  12. Savin, N. E. & White, Kenneth J., 1978. "Estimation and testing for functional form and autocorrelation : A simultaneous approach," Journal of Econometrics, Elsevier, vol. 8(1), pages 1-12, August. [Downloadable!] (restricted)
  13. Richard D. Porter & Thomes D. Simpson & Eileen Mauskopf, 1979. "Financial Innovation and the Monetary Aggregates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(1979-1), pages 213-230. [Downloadable!]
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