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
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)
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Persistent link: https://EconPapers.repec.org/RePEc:ijb:journl:v:1:y:2002:i:2:p:147-155
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