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The Determinants and Stability of Real Money Demand in Vietnam, 1999-2009

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  • NGUYEN Huyen Diu

    (National Graduate Institute for Policy Studies)

  • Wade D. Pfau

    (National Graduate Institute for Policy Studies)

Abstract

Understanding the money demand function is highly important for monetary policy implementation, especially in a monetary targeting framework. The paper uses cointegration analysis and a reduced-form short-run error correction model to investigate the demand for money in Vietnam between 1999 and 2009. We find evidence for a cointegrating relationship between the real money demand, income, the foreign interest rate, and the real stock price. More importantly, statistical tests show that real money demand in Vietnam is stable in this period.

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Bibliographic Info

Paper provided by National Graduate Institute for Policy Studies in its series GRIPS Discussion Papers with number 10-14.

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Length: 19 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:ngi:dpaper:10-14

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Keywords: International Diversification; Utility Maximization; EPF; Hypothetical Worker; Modern Portfolio Theory; Sri Lanka;

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  1. Daniel L. Thornton, 1983. "Why does velocity matter?," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Dec, pages 5-13.
  2. Qayyum, Abdul, 2005. "Modelling the Demand for Money in Pakistan," MPRA Paper 2057, University Library of Munich, Germany, revised 2005.
  3. Dario Cziráky & Max Gillman, 2006. "Money Demand in an EU Accession Country: A VECM Study of Croatia," Bulletin of Economic Research, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 105-127, 04.
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