On the Stability of Money Demand in Ghana: A Bounds Testing Approach
AbstractThis paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money demand during a period of substantial changes in the financial markets. The empirical evidence points to complex dynamics between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 11/273.
Date of creation: 01 Nov 2011
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-AFR-2011-12-19 (Africa)
- NEP-ALL-2011-12-19 (All new papers)
- NEP-CBA-2011-12-19 (Central Banking)
- NEP-MAC-2011-12-19 (Macroeconomics)
- NEP-MON-2011-12-19 (Monetary Economics)
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.:
- Pradhan, Basanta K. & Subramanian, A., 2003. "On the stability of demand for money in a developing economy: Some empirical issues," Journal of Development Economics, Elsevier, vol. 72(1), pages 335-351, October.
- Markus Knell & Helmut Stix, 2006. "Three decades of money demand studies: differences and similarities," Applied Economics, Taylor and Francis Journals, vol. 38(7), pages 805-818.
- Ghartey, Edward E., 1998. "Monetary dynamics in Ghana: evidence from cointegration, error correction modelling, and exogeneity," Journal of Development Economics, Elsevier, vol. 57(2), pages 473-486.
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