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The Gambia

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  • Subramanian S. Sriram
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    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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    Bibliographic Info

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

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    Length: 41
    Date of creation: 01 Sep 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/192

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    Related research

    Keywords: Central bank policy; Commercial banks; Economic growth; Economic models; Financial sector; Interest rates on deposits; Liquidity; Price stabilization; inflation; monetary policy; demand for money; rediscount rate; monetary fund; foreign currency; money demand; foreign exchange; central bank; inflation targeting; reserve requirements; price stability; rate of inflation; monetary aggregates; open market operations; monetary targeting; government securities; macroeconomic performance; effective exchange rates; reserve requirement; moderate inflation; monetary transmission; money laundering; monetary policy framework; monetary policy frameworks; real interest rates; real money; inflationary expectations; average inflation; actual inflation; monetary target; monetary survey; financial stability; monetary aggregate; quasi money; monetary policies; monetary policy implementation; forecasting inflation; macroeconomic analysis; inflation rate; monetary controls; liquidity ratio; interest rate targeting; inflation objective; money transfer; inflation-targeting; quantity theory; liquidity management; terms of trade; monetary transmission mechanism; tight monetary policy; monetary instrument; rise in inflation; money growth;

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    1. Glenn D. Rudebusch & Lars E.O. Svensson, 1999. "Eurosystem monetary targeting: lessons from U.S. data," Working Paper Series 99-13, Federal Reserve Bank of San Francisco.
    2. Markus Knell & Helmut Stix, 2004. "Three Decades of Money Demand Studies. Some Differences and Remarkable Similarities," Working Papers 88, Oesterreichische Nationalbank (Austrian Central Bank).
    3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    4. Mark R. Stone, 2003. "Inflation Targeting Lite," IMF Working Papers 03/12, International Monetary Fund.
    5. Eu Chye Tan, 1997. "Money demand amid financial sector developments in Malaysia," Applied Economics, Taylor & Francis Journals, vol. 29(9), pages 1201-1215.
    6. Honohan, Patrick, 1994. "Inflation and the demand for money in developing countries," World Development, Elsevier, vol. 22(2), pages 215-223, February.
    7. Neil R. Ericsson, 1998. "Empirical modeling of money demand," Empirical Economics, Springer, vol. 23(3), pages 295-315.
    8. 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.
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