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Currency Substitution: A Case Of Kazakhstan (2000:1-2007:12)

  • Mesut Yilmaz

    ()

  • Yessengali Oskenbayev

    ()

  • Kanat Abdulla

    ()

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 National Bank approved managed float regime (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 National Bank of Kazakhstan. Besides, there was reversal of currency in Kazakhstan over the period under the investigation.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp946.pdf
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Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp946.

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Length: pages
Date of creation: 01 Jan 2009
Date of revision:
Handle: RePEc:wdi:papers:2009-946
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  1. 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.
  2. Cheung, Yin-Wong & Lai, Kon S., 1997. "Bandwidth Selection, Prewhitening, and the Power of the Phillips-Perron Test," Econometric Theory, Cambridge University Press, vol. 13(05), pages 679-691, October.
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