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Household Demand for Money in Poland: Theory and Evidence

Author

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  • Timothy D. Lane

    (International Monetary Fund)

Abstract

Household demand for narrow money in Poland during the 1980s is examined. There were shortages, but informal trade in both goods and foreign exchange was common, and holdings of foreign currency were substantial. Household money demand is first examined at the theoretical level: a representative household's domestic and foreign money holdings are analyzed in a cash-in-advance model in which domestic currency is needed to purchase goods in the official shops, but either domestic or foreign currency can be used in the black market. The resulting specification of money demand is estimated using data from 1979 to 1988.

Suggested Citation

  • Timothy D. Lane, 1992. "Household Demand for Money in Poland: Theory and Evidence," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 825-854, December.
    • Handle: RePEc:pal:imfstp:v:39:y:1992:i:4:p:825-854
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    Citations

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    Cited by:

    1. A. Arize & J. Malindretos, 1998. "The long-run and short-run effects of exchange-rate volatility on exports: The case of Australia and New Zealand," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 22(2), pages 43-56, June.
    2. Goldberg, Linda S. & Karimov, Il'dar, 1997. "Black markets for currency, hoarding activity and policy reforms," Journal of International Economics, Elsevier, vol. 42(3-4), pages 349-369, May.
    3. Mohsen Bahmani-Oskooee & Ali M. Kutan & Dan Xi, 2013. "The impact of economic and monetary uncertainty on the demand for money in emerging economies," Applied Economics, Taylor & Francis Journals, vol. 45(23), pages 3278-3287, August.
    4. Mohsen Bahmani-Oskooee & Sahar Bahmani & Ali M. Kutan & Dan Xi, 2019. "On the Asymmetric Effects of Exchange Rate Changes on the Demand for Money: Evidence from Emerging Economies," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 18(1), pages 1-22, April.
    5. Robert Mulligan & Erwin Nijsse, 2001. "Shortage and currency substitution in transition economies: Bulgaria, Hungary, Poland, and Romania," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 7(3), pages 275-295, August.
    6. van Aarle, B. & Budina, N., 1995. "Currency substitution in Eastern Europe," Discussion Paper 1995-2, Tilburg University, Center for Economic Research.
    7. Xu, Lilai & Oh, K.B., 2011. "The stock market in China: An endogenous adjustment process responding to the demands of economic reform and growth," Journal of Asian Economics, Elsevier, vol. 22(1), pages 36-47, February.
    8. Erwin Nijsse & Elmer Sterken,, 1996. "Shortages, interest rates, and money demand in Poland, 1969-1995," Working Papers 25, Centre for Economic Research, University of Groningen and University of Twente.

    More about this item

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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