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Error Correction Model of the Demand for Money in Pakistan

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  • Qayyum, Abdul

Abstract

The paper estimated dynamic demand for money (Currency) function for Pakistan. it is concluded that in the long run money demand depends on income, rate of inflation and bond rate. The rate of Inflation and rate of interst on deposits emerged as important determinant of money demand in the short run. Moreover dynamic model remans stable througtout the study period.

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File URL: http://mpra.ub.uni-muenchen.de/2582/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2582.

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Date of creation: 1998
Date of revision: 1998
Publication status: Published in he Kashmir Eonomic Review 1-2.6(1998): pp. 53-65
Handle: RePEc:pra:mprapa:2582

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Related research

Keywords: Error Correction; Cointegration; Unit root; money demand; Pakistan;

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References

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  1. Lewis, Kenneth A & Breen, Francis F, 1975. "Empirical Issues in the Demand for Currency: A Multinational Study," Journal of Finance, American Finance Association, American Finance Association, vol. 30(4), pages 1065-79, September.
  2. Johansen, Soren, 1992. "Testing weak exogeneity and the order of cointegration in UK money demand data," Journal of Policy Modeling, Elsevier, Elsevier, vol. 14(3), pages 313-334, June.
  3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 12(2-3), pages 231-254.
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Citations

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Cited by:
  1. Mushtaq, Siffat & Rashid, Abdul & Qayyum, Abdul, 2013. "On the Welfare Cost of Inflation: The Case of Pakistan," MPRA Paper 47549, University Library of Munich, Germany.
  2. Qayyum, Abdul, 2005. "Modelling the Demand for Money in Pakistan," MPRA Paper 2057, University Library of Munich, Germany, revised 2005.
  3. Adnan Haider & Asad Jan & Kalim Hyder, 2013. "On the (Ir)Relevance of Monetary Aggregate Targeting in Pakistan: An Eclectic View," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, Department of Economics, The Lahore School of Economics, vol. 18(2), pages 65-119, July-Dec.

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