Long-run estimates of money demand in Romania
This paper estimates the long-run demand for money in Romania using monthly data from January 1994 to August 2003. The Johansen-Juselius cointegration procedure provides evidence of one cointegrating vector for both narrowly and broadly defined money demand functions. Real money balances are not only sensitive to real income, but also the domestic interest rate and the depreciation of the domestic currency.
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Volume (Year): 11 (2004)
Issue (Month): 14 ()
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References listed on IDEAS
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