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Demand for money in the selected OECD countries: a time series panel data approach and structural breaks

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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.

Keywords: C50; E41; Pedroni method; Westerlund method; demand for money; financial reforms

Document Type: Research Article


Affiliations: 1: Department of Economics,Auckland University of Technology, Auckland, New Zealand 2: School of Economics, University of Western Sydney, Sydney,NSW, Australia

Publication date: May 1, 2013

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