On the Stability of Money Demand in Ghana: A Bounds Testing Approach
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Summary:
This paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money demand during a period of substantial changes in the financial markets. The empirical evidence points to complex dynamics between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1
Series:
Working Paper No. 2011/273
Subject:
Bank deposits Demand for money Financial services Foreign exchange Monetary base Money National accounts Nominal effective exchange rate Personal income
English
Publication Date:
November 1, 2011
ISBN/ISSN:
9781463925284/1018-5941
Stock No:
WPIEA2011273
Pages:
18
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