Financial Liberalization and Money Demand in CEMAC: Evidence from GMM Estimations of a Dynamic Panel

Prao Yao Séraphin
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Prao Yao Séraphin: Professor-Researcher at Alassane Ouattara University (Bouaké), Member of Laboratory of Analysis and Modeling of Economic Policies, B P V1801, Bouaké, Ivory Coast

International Journal of Economics and Financial Research, 2018, vol. 4, issue 8, 250-257

Abstract: The objective of this paper is to examine the impact of financial market development and liberalization on money demand behavior in Central African Economic and Monetary Community (CEMAC). We adopt the generalized method of moments (GMM) system for panel data. The empirical results indicate that financial liberalization has a negative impact on money demand. Moreover, real GDP and the GDP deflator affect it positively, while the main policy rate has a negative impact. In terms of economic policy involvement, monetary authorities must pursue reforms aimed at deepening financial liberalization measures so that banks actively participate in the financing of CEMAC economies.

Keywords: Financial liberalization; Money demand; Monetary policy. (search for similar items in EconPapers)
JEL-codes: D92 E21 E51 E52 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:arp:ijefrr:2018:p:250-257

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