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Demand For Money In Kazakhstan: 2000-2007

  • Yilmaz, Mesut

    ()

    (Suleyman Demirel University, Department of Economics, Almaty, Kazakhstan)

  • Oskenbayev, Yessengali

    ()

    (Center for Development Research, Bonn D-53111, Germany)

  • Kanat, Abdulla

    ()

    (National Analytical Center under the Government and National Bank of Kazakhstan, Almaty, Kazakhstan)

This paper aims to investigate the demand for money in Kazakhstan. This study covers the period starting from 2000:01, when capital liberalization program was launched and the National Bank approved managed float regime (the National Bank employed adjustable exchange rate regime before exchange rate crisis in Kazakhstan in 1999) to 2007:12 as recent available data for investigation variables. In order to achieve the goal we set demand for money function is estimated using cointegration methodology aimed for variables integrated of order one. The results show important key factors for controlling money demand could be applied by the National Bank of Kazakhstan. Besides, there was reversal of currency in Kazakhstan over the period under investigation.

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File URL: http://www.ipe.ro/rjef/rjef1_10/rjef1_10_9.pdf
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Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2010)
Issue (Month): 1 (March)
Pages: 118-129

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Handle: RePEc:rjr:romjef:v::y:2010:i:1:p:118-129
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  1. Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, Palgrave Macmillan, vol. 47(3), pages 3.
  2. Oomes, Nienke & Ohnsorge, Franziska, 2005. "Money demand and inflation in dollarized economies: The case of Russia," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 462-483, September.
  3. Schwert, G William, 1989. "Tests for Unit Roots: A Monte Carlo Investigation," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(2), pages 147-59, April.
  4. Girton, Lance & Roper, Don E, 1981. "Theory and Implications of Currency Substitution," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 13(1), pages 12-30, February.
  5. Sharon Eicher, 2004. "What Causes Bank Asset Substitution In Kazakhstan? Explaining Currency Substitution In A Transition Economy," William Davidson Institute Working Papers Series 2004-688, William Davidson Institute at the University of Michigan.
  6. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  7. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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