Long-Run Demand for Money in Hong Kong: An Application of the ARDL Model
We examine the long-run demand for money of Hong Kong using the autoregressive distributed lag (ARDL) cointegration procedure on quarterly data over the period 1985Q1-1999Q4. Estimation results suggest that HK$M2 is cointegrated with its determinants. In addition, the CUSUM and CUSUMSQ tests confirm the stability of the money demand function.
Volume (Year): 1 (2002)
Issue (Month): 2 (August)
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