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Money Demand in the Dominican Republic

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Author Info

  • Alan Carruth

    ()

  • Jose Roberto Sanchez-Fung

    ()

Abstract

This paper investigates a demand for money relationship for the dominican Republic. The financial system of the Dominican Republic is underdeveloped, and there are no suitable domestic data on the opportunity cost of holding money. Economic links with the US suggest a possible role for a foreign interest rate effect and a currency substitution effect in the demand for domestic money. A long-run demand for money-relationship is developed from the perspective of alternative estimation methodologies, and it is shown that a "literature standard" specification augmented by foreign monetary variables is robust. The ensuing short-run dynamic model is adequate, stable and suggests an important role for expected inflation, and a real bilateral exchange rate with the US. A number of policy implications for the Dominican Republic are drawn from the results.

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Bibliographic Info

Paper provided by Department of Economics, University of Kent in its series Studies in Economics with number 9709.

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Date of creation: Nov 1997
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Publication status: Forthcoming in Applied Economics, 2000
Handle: RePEc:ukc:ukcedp:9709

Contact details of provider:
Postal: Department of Economics, University of Kent at Canterbury, Canterbury, Kent, CT2 7NP
Phone: +44 (0)1227 764000
Fax: +44 (0)1227 827850
Web page: http://www.ukc.ac.uk/economics/

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Related research

Keywords: Demand for money; cointegration; Dominican Republic;

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Cited by:
  1. Baharumshah, Ahmad Zubaidi & Mohd, Siti Hamizah & Yol, Marial Awou, 2009. "Stock prices and demand for money in China: New evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(1), pages 171-187, February.
  2. José R Sánchez-Fung, 2000. "Money Demand, PPP and Macroeconomic Dynamics in a Small Developing Economy," Studies in Economics 0015, Department of Economics, University of Kent.
  3. Kevin S. Nell, 1999. "The Stability of Money Demand in South Africa, 1965-1997," Studies in Economics 9905, Department of Economics, University of Kent.

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