Nouveau regard sur la demande de monnaie au Maroc de 1930 à 1985

Ahmed Zejly

Annals of Economics and Statistics, 1990, issue 18, 45-62

Abstract: The author of this study tries to estimate a specification which explains the behavior of money demand in Morocco during the period 1930-1985. Different specifications are then tested to capture the effects of (i) monetization, (ii) the pattern of adjustment of cash balances (both nominal and real), and (iii) the opportunity cost of holding money, measured by the yield on alternative assets. The study employs four alternative definitions of money stock: currency, currency plus demand deposits, M2 and M2 minus deposits of Moroccans resident abroad. All definitions yield reasonable coefficients for long-run income elasticity. Savers' decisions are also significantly influenced by the opportunity cost of holding liquid assets, regardless of whether the "proxy" for cost is the interest rate or the rate of inflation.

Date: 1990
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