A panel data approach to the demand for money in Bulgaria and Romania
This article aims to investigate the relationship between real money, real Gross Domestic Product (GDP) and the nominal short-term rate of interest in the two new European Union (EU) member states. In pursuit of this objective, the tests of panel cointegration and Fully Modified Ordinary Least Squares (FMOLS) are conducted by using panel data. The data used in this study consist of annual data during period 1990 to 2008. The panel cointegration results confirm a long-run relationship between real money, real GDP and the nominal short-term rate of interest. Our empirical results also show that real GDP elasticity is 0.739 and nominal short-term rate of interest elasticity is −0.013 for the panel of the two countries.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 19 (2012)
Issue (Month): 8 (May)
|Contact details of provider:|| Web page: http://www.tandfonline.com/RAEL20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/RAEL20|
When requesting a correction, please mention this item's handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:705-710. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.