nach oben

Journal of Economics and Finance

Erschienen in:

14.03.2016

The demand for money in Angola

verfasst von: C. P. Barros, João Ricardo Faria, Luis A. Gil-Alana

Erschienen in: Journal of Economics and Finance | Ausgabe 2/2017

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

This paper analyses Angola’s long-run and short-run money demand, identifying its determinants using data from January 2000 to August 2013. A theoretical model is presented and the estimated results show that money mass, income, inflation, exchange rate and interest rates are cointegrated, revealing a long-run equilibrium relationship between these variables. The cointegration relationship is unstable in the short run. The results are in line with the monetary policy undertaken by the Central Bank of Angola and also in line with published papers on money demand. Policy implication is derived.

Vorheriger Artikel Bank capital, loan activity, and monetary policy: evidence from the FDIC’s Historical Statistics on Banking

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Adam C (1992) On the dynamic specification of money demandin Kenya. J Afr Econ 1(2):233–270CrossRef

Afsin S (2013) Estimating money demand function by a smooth transition regression model: an evidence for Turkey. MPRA paper n° 46851

Agenor PR, Khan M (1996) Foreign currency deposits and demand for money in developing countries. J Dev Econ 50(1):101–118CrossRef

Apergis N (2015) Long-run estimates of money demand: new evidence from East Asian countries and the presence of structural breaks. Applied Economics (forthcoming)

Arango S, Nadiri M (1981) Demand for money in open economies. J Monet Econ 7:69–83CrossRef

Arellano M, Bond S (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Rev Econ Stud 58:277–297CrossRef

Arestis P (1987) The credit segment of a UK post Keynesian model. J Post Keynesian Econ 10:250–269CrossRef

Arise A, Malindretos J, Swiff SS (1999) Structural breaks, cointegration and speed of adjustment: evidence from 12 LDCs money demand. Int Rev Econ Financ 8(4):399–420CrossRef

Arrau P, De Gregorio J (1993) Financial innovation and money demand: application to Chile and Mexico. Rev Econ Stat 75:524–530CrossRef

Baharumshah AZ, Soon SV (2015) Demand for broad money in Singapore: does wealth matter? J Econ Financ 39(3):557–573CrossRef

Bahmani S (2013) Exchange rate volatility and demand for money in less developed countries. J Econ Financ 37(3):442–452CrossRef

Bahmani-Oskooee M, Fariditavana H (2014) Do exchange rate changes have symmetric effect on the s-curve? Econ Bull 34(1):164–173

Bahmani-Oskooee M, Rhee HJ (1994) Long run elasticities of demand for money in Korea: evidence from cointegration analysis. Int Econ J 8(2):83–93

Bahmani-Oskooee M, Shabsigh G (1996) The demand for money in Japan: evidence from cointegration analysis. Jpn World Econ 8:1–10CrossRef

Ball L (2001) Another look at long run money demand. J Monet Econ 47:31–44CrossRef

Ball L (2012) Shor run money demand. J Monet Econ 59:622–633CrossRef

Barros CP, Gil Alana L (2013) Inflation forecasting in Angola: a fractional approach. Afr Dev Rev 25(1):91–104CrossRef

Barros CP, Caporale G, Gil Alana L (2014) Long memory in Angolan macroeconomic series: mean reversion versus explosive behavior. Afr Dev Rev 26(1):59–73CrossRef

Baum CF, Furno M (1990) Analyzing the stability of demand-for-money equations via bounded-influence estimation techniques. J Money Credit Bank 22:465–477CrossRef

Baum CF, Thies CF (1998) Reexamining the term structure of interest rates and the interwar demand for money. J Econ Financ 22(2):5–12CrossRef

Bloem A, Dippelsman R, Maehle N (2001) Quarterly National Accounts Manual: Concepts, Data Sources, and Compilation. International Monetary Fund, 2001. http://www.imf.org/external/pubs/ft/qna/2000/Textbook/index.htm

Boughton JM (1981) Recent instability of the demand for money: an international perspective. South Econ J 47:579–597CrossRef

Breuer JB, Lippert AF (1996) Breaks in money demand. South Econ J 63:496–506CrossRef

Butter FAG, Fase MMG (1981) The demand for money in EEC countries. J Monet Econ 8:201–230CrossRef

Cagan P (1956) The monetary dynamics of hyperinflation. In: Friedman M (ed) Studies in the quantity theory of money. Chicago University Press, Chicago

Chow GC (1966) On the long-run and short-run demand for money. J Polit Econ 74:111–131CrossRef

Chow G, Lin A (1971) Best linear unbiased interpolation, distribution and extrapolation of time series by related series. Rev Econ Stat 53(4):372–375CrossRef

Davidson R, Mckinnon JG (1993) Estimation and Inference in econometrics. Oxford University Press, New York

Ericsson N (1998) Empirical modelling of money demand. Empir Econ 23:295–315CrossRef

Ewing BD, Payne JE (1999) Long run money in Chile. J Econ Dev 24(2):177–190

Funke M (2001) Money demand in euroland. J Int Money Financ 20(5):701–713CrossRef

Gerdesmeier D (1996) The role of wealth in money demand. Deutsche Bundesbank, Discussion Paper 5/96, Frankfurt am Main

Goldfeld, S. (1973) The Demand for Money Revisited . Brookings Papers on Economic Activity, 3, 577-646

Goldfeld, S. (1976) The case of Missing Money. Brookings Papers on Economic Activity, 3, 683-730

Hafer RW, Jansen DW (1991) The demand for money in the United States: evidence from cointegration tests. J Money Credit Bank 23:155–168CrossRef

Hendry DF, Ericsson NR (1991) An econometric analysis of U.K. money demand. In: Friedman M, Schwartz AJ (eds) Monetary trends in the United States and the United Kingdom. American Economic Review, 81, 8–338

Hoffman D, Rasche RH (1991) Long-run income and interest elasticities of money demand in the United States. Rev Econ Stat 73:665–674CrossRef

Hoffman D, Rasche RH, Tieslau MA (1995) The stability of long-run money demand in five industrial countries. J Monet Econ 35:317–339CrossRef

Howels PGA (1995) The demand for endogenous money. J Post Keynesian Econ 18(1):89–106CrossRef

Hueng J (2000) The impact of foreign variables on domestic money demand: evidence from the United Kingdom. J Econ Financ 24(2):97–109CrossRef

Jenkins C (1999) Moneydemandand stabilisation in Zimbabwe. J Afr Econ 8(3):386–421CrossRef

Johansen S (1988) Statistical analysis of cointegration vectors. J Econ Dyn Control 12(2/3):231–254CrossRef

Johansen S, Juselius K (1990) Maximum likelihood estimation and inference on cointegration with applications to demand for money. Oxf Bull Econ Stat 52(2):169–210CrossRef

Kulish M, Elias S (2013) Direct effects of money on aggregate demand: another look at the evidence. Appl Econ 45(27):3801–3809CrossRef

Lartey EKK (2008) "Capital Inflows, Dutch Disease Effects, and Monetary Policy in a Small Open Economy," Review of International Economics, Wiley Blackwell 16(5):971--989

Lee TH, Chung KJ (1995) Further results on the long-run demand for money in Korea: a cointegration analysis. Int Econ J 9:103–113CrossRef

Lieberman C (1980) The long-run and short-run demand for money. Revisited. J Money Credit Bank 12(1): 43–57

Lungu M, Simwaka K, Chiumia A, Palamuleni A, Jombo W (2012) Money demand function for Malawi: implications for monetary policy conduct. Banks Bank Syst 7(1):50–63

McKinnon RI, Radcliffe C, Tan K, Warga AD, Willett TD (1984) International influence on the U.S. economy: summary of an exchange. Am Econ Rev 74:1132–1134

McNown R, Wallace WS (1992) Cointegration tests of a long-run relation between money demand and the effective exchange rate. J Int Money Financ 11:107–114CrossRef

Mehra Y (1992) In search of a stable, short-run M1 demand function. Federal Reserve Bank of Richmond. Econ Rev 9–23

Miller SM (1991) Monetary dynamics: an application of cointegration and error-correction modeling. J Money Credit Bank 23:139–154CrossRef

Moore BJ (1989) The endogeneity of credit money. Rev Polit Econ 1:64–93CrossRef

Ndirangu L, Nyamongo EM (2015) Financial innovations and their implications for monetary policy in Kenya. J Afr Econ 24(suppl 1):i46–i71CrossRef

Nell KS (2000) The endogenous/exogenous nature of South Africa’s money supply under direct and undirect monetary control measures. J Post Keynesian Econ 23(2):313–329CrossRef

Payne J (1992) Money growth and interest rate volatility and the demand for money. J Econ Financ 16(1):103–114CrossRef

Pesaran MH, Pesaran B (1997) Working with microfit 4.0: interactive econometric analysis. Oxford University Press, Oxford

Pesaran MH, Shin Y (1999) An autoregressive distributed lag modelling approach to cointegration analzis. In: Strom S (ed) Econometrics and economic theory in the 20 the century. Cambridge University Press, Cambridge

Robinson PM (1995) Gaussian semi-parametric estimation of long range dependence. Ann Stat 23:1630–1661CrossRef

Rose AK (1985) An alternative approach to the american demand for money. J Money Credit Bank 17:439–455CrossRef

Rother PC (1999) Money demand in the West African economic and monetary union - the problems of aggregation. J Afr Econ 8(3):422–447CrossRef

Schmidt MB (2008) The long and short of money: short-run dynamics within a structural model. Appl Econ 40:175–192CrossRef

Sichei MM, Kamau AM (2012) Demand for money: implications for the conduct of monetary policy in Kenya. Int J Econ Financ 4(8):72–82CrossRef

Taylor LD, Newhouse JP (1969) On the long-run and short-run demand for money: a comment. J Polit Econ 77(5):851–856CrossRef

Thenuwara W, Morgan B (2016) Monetary targeting in Sri Lanka: how much control does the central bank have over the money supply?. J Econ Financ, forthoming

Tin J (2010) Bequest motives and household money demand. J Econ Financ 34(3):269–283CrossRef

Turnovsky SJ (1985) "Monetary and Fiscal Policy Under Perfect Foresight: A Symmetric Two Country Analysis," NBER Working Papers 1699, National Bureau of Economic Research, Inc

Valadkhani A (2008) Long- and short-run determinants of the demand for money in the Asian-pacific countries: an empirical panel investigation. Ann Econ Financ 9(1):77–90

Titel: The demand for money in Angola
verfasst von: C. P. Barros
João Ricardo Faria
Luis A. Gil-Alana
Publikationsdatum: 14.03.2016
Verlag: Springer US
Erschienen in: Journal of Economics and Finance / Ausgabe 2/2017
Print ISSN: 1055-0925
Elektronische ISSN: 1938-9744
DOI: https://doi.org/10.1007/s12197-016-9358-6

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 2/2017

Determinants of export diversification in Sub-Sahara African region: a fractionalized logit estimation model

The fisher relationship in Nigeria

Schwab’s equity ratings: value added or old news?

Financial development, role of government, and bank profitability: evidence from the 2008 financial crisis

Okun’s law: evidence of 13 selected developed countries

Monetary targeting in Sri Lanka: how much control does the central bank have over the money supply?