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On the Dynamic Specification of Money Demand in Kenya

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  • Adam, Christopher

Abstract

Recent developments in the theory of dynamic specification are applied to the estimation of the demand for money in post-independence Kenya. The models use a broad specification of the demand function, allowing for parallel market currency substitution effects, from which robust error-correction models of money demand are estimated for a range of standard and Divisia monetary aggregates and are shown to encompass existing studies. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Adam, Christopher, 1992. "On the Dynamic Specification of Money Demand in Kenya," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 1(2), pages 233-270, August.
  • Handle: RePEc:oup:jafrec:v:1:y:1992:i:2:p:233-70
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    Citations

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    Cited by:

    1. Collier, Paul & Gunning, Jan Willem, 1995. "War, peace and private portfolios," World Development, Elsevier, vol. 23(2), pages 233-241, February.
    2. Kumar, Saten & Webber, Don J. & Fargher, Scott, 2013. "Money demand stability: A case study of Nigeria," Journal of Policy Modeling, Elsevier, vol. 35(6), pages 978-991.
    3. repec:ksp:journ2:v:4:y:2017:i:2:p:167-192 is not listed on IDEAS
    4. Michaël GOUJON & Sylviane GUILLAUMONT JEANNENEY & Christopher ADAM, 2003. "Currency substitution and the transactions demand for money," Working Papers 200304, CERDI.
    5. Christopher Adam & Michael Goujon & Sylviane Guillaumont Jeanneney, 2004. "The transactions demand for money in the presence of currency substitution: evidence from Vietnam," Applied Economics, Taylor & Francis Journals, vol. 36(13), pages 1461-1470.
    6. doğru, bülent, 2013. "Dynamic Analysis of Money Demand Function: Case of Turkey," MPRA Paper 48402, University Library of Munich, Germany.
    7. Daniel Zerfu Gurara, 2013. "Working Paper 177 - A Macroeconometric Model for Rwanda," Working Paper Series 476, African Development Bank.
    8. Elmer Sterken, 2004. "Demand for money and shortages in Ethiopia," Applied Economics Letters, Taylor & Francis Journals, vol. 11(12), pages 759-769.
    9. Berhanu, Denu, 2003. "Dynamic Money Demand Function for Ethiopia," Ethiopian Journal of Economics, Ethiopian Economics Association, vol. 12(2).
    10. Fielding, David & Lee, Kevin & Shields, Kalvinder, 2004. "Modelling Macroeconomic Linkages in a Monetary Union: A West African Example," WIDER Working Paper Series 022, World Institute for Development Economic Research (UNU-WIDER).
    11. Ndung'u, N.S., 1999. "Monetary and Exchange Rate Policy in Kenya," Papers 94, African Economic Research Consortium.
    12. Lekgatlhamang Setlhare, 2004. "Bank Of Botswana'S Reaction Function: Modelling Botswana'S Monetary Policy Strategy," South African Journal of Economics, Economic Society of South Africa, vol. 72(2), pages 384-406, June.
    13. Muhanji, Stella & Malikane, Christopher & Ojah, Kalu, 2013. "Price and liquidity puzzles of a monetary shock: Evidence from indebted African economies," Economic Modelling, Elsevier, vol. 33(C), pages 620-630.
    14. repec:dgr:rugcds:199909 is not listed on IDEAS
    15. David Fielding & Kevin Lee & Kalvinder Shields, 2012. "Does one size fit all? Modelling macroeconomic linkages in the West African Economic and Monetary Union," Economic Change and Restructuring, Springer, vol. 45(1), pages 45-70, February.
    16. Lydia Ndirangu & Esman Morekwa Nyamongo, 2015. "Financial Innovations and Their Implications for Monetary Policy in Kenya," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 24(suppl_1), pages 46-71.
    17. repec:hrs:journl:v:ix:y:2017:i:2:p:29-37 is not listed on IDEAS
    18. repec:spr:jecfin:v:41:y:2017:i:2:d:10.1007_s12197-016-9358-6 is not listed on IDEAS
    19. Subramanian S Sriram, 1999. "Survey of Literature on Demand for Money; Theoretical and Empirical Work with Special Reference to Error-Correction Models," IMF Working Papers 99/64, International Monetary Fund.
    20. Michaël GOUJON & Sylviane GUILLAUMONT JEANNENEY & Christopher ADAM, 2002. "Currency substitution and the transactions demand for money in Vietnam," Working Papers 200228, CERDI.

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