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The Gambia: Demand for Broad Money and Implications for Monetary Policy Conduct

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Author Info
Subramanian S. Sriram
Abstract

This paper evaluates the demand for broad money (M2) in The Gambia for January 1988-June 2007. There appears to be a long-run relationship for demand for real M2, but the relationship is not stable. Exogenous output shocks, financial innovation, changes in income velocity, and inadequate data quality contribute to the instability. The authorities may need to apply the monetary targeting regime flexibly in the overall objective of preserving price stability. A possible option for The Gambia is to become an inflation targeter lite.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/192.

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Length: 41 pages
Date of creation: 10 Sep 2009
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Handle: RePEc:imf:imfwpa:09/192

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Keywords: Central bank policy ; Commercial banks ; Demand for money ; Economic growth ; Economic models ; Financial sector ; Gambia; The ; Inflation targeting ; Interest rates on deposits ; Liquidity ; Monetary policy ; Price stabilization ; Sub-Saharan Africa ; Time series ;

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  1. Tan, Eu Chye, 1997. "Money Demand amid Financial Sector Developments in Malaysia," Applied Economics, Taylor and Francis Journals, vol. 29(9), pages 1201-15, September. [Downloadable!] (restricted)
  2. Andrea Schaechter & Marc Zelmer, 2000. "Adopting Inflation Targeting: Practical Issues for Emerging Market Countries," IMF Occasional Papers 202, International Monetary Fund.
  3. Mark R. Stone, 2003. "Inflation Targeting Lite," IMF Working Papers 03/12, International Monetary Fund. [Downloadable!]
  4. Klein, Benjamin, 1977. "The Demand for Quality-adjusted Cash Balances: Price Uncertainty in the U.S. Demand for Money Function," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 691-715, August. [Downloadable!] (restricted)
  5. Markus Knell & Helmut Stix, 2004. "Three Decades of Money Demand Studies. Some Differences and Remarkable Similarities," Working Papers 88, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
  6. Honohan, Patrick, 1994. "Inflation and the demand for money in developing countries," World Development, Elsevier, vol. 22(2), pages 215-223, February. [Downloadable!] (restricted)
  7. Neil R. Ericsson, 1998. "Empirical modeling of money demand," Empirical Economics, Springer, vol. 23(3), pages 295-315. [Downloadable!] (restricted)
  8. Eu Chye Tan, 1997. "Money demand amid financial sector developments in Malaysia," Applied Economics, Taylor and Francis Journals, vol. 29(9), pages 1201-1215, September. [Downloadable!] (restricted)
  9. Rudebusch, Glenn D. & Svensson, Lars E. O., 2002. "Eurosystem monetary targeting: Lessons from U.S. data," European Economic Review, Elsevier, vol. 46(3), pages 417-442, March. [Downloadable!] (restricted)
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  10. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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