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How stable is the demand for money in emerging economies?

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One of the key elements of implementing the monetary policy is stability of the demand for money. The literature includes a large number of studies that have tested the stability of the money demand in developed as well as less-developed countries but not in emerging economies of Eastern Europe. As market-based data becomes available from these countries, there is an urgency to test old theories for these modern market-oriented economies. In this article we consider the experiences of Armenia, Bulgaria, the Czech Republic, Hungary, Poland, Russia and the Slovak Republic. Using the bounds testing approach to error-correction modelling and cointegration, we show that money demand is stable in these countries.
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Document Type: Research Article

Affiliations: 1: Department of Economics, Georgia Southern University, Statesboro, GA 30460, USA 2: Department of Economics and Finance, Southern Illinois University, Edwardsville, IL 62026-1102, USA

Publication date: 01 October 2010

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