Статья "Does India have a stable demand for money function..."
Наименование статьи | Does India have a stable demand for money function after reforms? A macroeconometric analysis |
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Страницы | 25 |
Аннотация | The present study analyzes the stability of the demandfor money function in India over the period 1991:M4-20I4:M9 using co-integration and Vector Error Correction Mechanism (VECM) framework. From analysis, it has been observed that there exists a stable demand for money function in India during the post-reforms period, i. e. a long-run relationship does exist between demandfor real balances, national output (Yf rate of interest (R^ and exchange rate (ER). Two variables Y, and ER, have been observed to be affecting demand for real balances positively, while the observed effect of М2 is negative. Thus, the signs and magnitudes of all three regressors have been observed according to a-priori information without any paradoxical situation. |
Ключевые слова | money demand function, stability of demand for money function, co-integration, vector error correction mechanism |
Журнал | Прикладная эконометрика |
Номер выпуска | 4 |
Автор(ы) | Arora N., OsatiEraghr А. |