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Long-Run Demand for Money in Hong Kong: An Application of the ARDL Model

Mohsen Bahmani-Oskooee and Raymond Chi Wing Ng
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Raymond Chi Wing Ng: Centre for Asian Pacific Studies, Lingnan University, Hong Kong

International Journal of Business and Economics, 2002, vol. 1, issue 2, 147-155

Abstract: We examine the long-run demand for money of Hong Kong using the autoregressive distributed lag (ARDL) cointegration procedure on quarterly data over the period 1985Q1-1999Q4. Estimation results suggest that HK$M2 is cointegrated with its determinants. In addition, the CUSUM and CUSUMSQ tests confirm the stability of the money demand function.

Keywords: money demand; Hong Kong; cointegration; error correction model; CUSUM test (search for similar items in EconPapers)
JEL-codes: C12 C22 E41 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (65)

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