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Linking Money Supply With The Gross Domestic Product In Romania

Author

Listed:
  • Daniela Zapodeanu

    (University of Oradea)

  • Mihail Ioan Cociuba

    (University of Oradea)

Abstract

Evolution of money supply and gross domestic product are in a close relationship, inthis paper we analysis this relationship in order to construct a function which will explicit thisconnection for Romania. Evolution of gross domestic product is one with a seasonal component sofrom the data series we will be eliminating seasonality with the X-12 ARIMA method. Analyzing thedata of money supply (M3) and of GDP over ten years through the Augmented Dickey-Fuller weobtained that both series are non-stationary. Applying the co-integration analysis method Engle-Granger we conclude that the two series have a cointegration relationship between them. We willpropose a model explanation of the link between the two sets of data type, a DVAR model.

Suggested Citation

  • Daniela Zapodeanu & Mihail Ioan Cociuba, 2010. "Linking Money Supply With The Gross Domestic Product In Romania," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(12), pages 1-50.
  • Handle: RePEc:alu:journl:v:1:y:2010:i:12:p:50
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    References listed on IDEAS

    as
    1. Bernd Hayo, 2000. "The demand for money in Austria," Empirical Economics, Springer, vol. 25(4), pages 581-603.
    2. Pop Silaghi, Monica Ioana, 2009. "Exports-Economic Growth Causality: Evidence from CEE Countries," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 6(2), pages 105-117, June.
    3. Ozturk, Ilhan & Acaravci, Ali, 2008. "The Demand for Money in Transition Economies," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(2), pages 35-43, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    money supply (M3); GDP; seasonality; stationarity; cointegration; DVAR.;

    JEL classification:

    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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