Stability of the demand for money in an unstable country: Russia.

The writers estimate the long-run demand for money in Russia, and consider whether the demand for money is stable. They utilize market-oriented data that has become available since 1991 to estimate the demand, and they perform stability tests by applying the CUSUM and CUSUMQ tests using full inform...

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Detalles Bibliográficos
Publicado en:Journal of Post Keynesian Economics Vol. 22; no. 4; pp. 619 - 630
Autores principales: Bahmani-Oskooee, Mohsen, Barry, Michael P.
Formato: Artículo
Publicado: M.E. Sharpe Inc. Summer 2000
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Acceso en línea:Ver este registro en EBSCOhost
Descripción
Sumario:The writers estimate the long-run demand for money in Russia, and consider whether the demand for money is stable. They utilize market-oriented data that has become available since 1991 to estimate the demand, and they perform stability tests by applying the CUSUM and CUSUMQ tests using full information estimates from Johansen's cointegration and error-correction modeling. They conclude that the Russian money demand function, which includes income, inflation rate, and exchange rate, is not stable over the research period, although the variables are cointegrated.