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Estimating the money demand function for Saudi Arabia using divisia monetary aggregate

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  • Ryadh Alkhareif
  • Moayad Al-Rasasi

Abstract

This paper constructs the broader Divisia monetary aggregate (D2) for the Kingdom of Saudi Arabia over the period from 1999 to 2018. Unlike the traditional money supply aggregate (M2), movements of the Divisia monetary aggregate seems to reflect the domestic economic developments and hence can be very useful when setting macroeconomic policies in the Kingdom. In addition, the paper applies the Keynesian Money Demand Theory to estimate the demand for money using the Divisia monetary aggregate. The findings confirm the stability of the money demand function for Saudi Arabia.

Suggested Citation

  • Ryadh Alkhareif & Moayad Al-Rasasi, 2021. "Estimating the money demand function for Saudi Arabia using divisia monetary aggregate," Applied Economics, Taylor & Francis Journals, vol. 53(42), pages 4823-4834, September.
    • Handle: RePEc:taf:applec:v:53:y:2021:i:42:p:4823-4834
    DOI: 10.1080/00036846.2021.1910134
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    Cited by:

    1. Barnett, William A. & Ghosh, Taniya & Adil, Masudul Hasan, 2022. "Is money demand really unstable? Evidence from Divisia monetary aggregates," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 606-622.

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