Abstract
Time series panel data estimation methods are used to estimate the cointegrating equations for the demand for money (M1) for a panel of 11 Organization for Economic Cooperation and Development (OECD) countries for which consistent quarterly data are available. The effects of financial reforms are analysed with structural break tests and estimates for alternative sub-samples. Our results for the post-reform sub-samples show that the income elasticity of the demand for money has decreased and response to interest rate changes has increased.
Original language | English |
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Pages (from-to) | 1767-1776 |
Number of pages | 10 |
Journal | Applied Economics |
Volume | 45 |
Issue number | 14 |
DOIs | |
Publication status | Published - 2013 |
Keywords
- OECD countries
- Pedroni method
- demand for money
- money
- stock exchanges
- time series analysis