How stable is the demand for money in emerging economies?

Sahar Bahmani and Ali Kutan

Applied Economics, 2010, vol. 42, issue 26, 3307-3318

Abstract: One of the key elements of implementing the monetary policy is stability of the demand for money. The literature includes a large number of studies that have tested the stability of the money demand in developed as well as less-developed countries but not in emerging economies of Eastern Europe. As market-based data becomes available from these countries, there is an urgency to test old theories for these modern market-oriented economies. In this article we consider the experiences of Armenia, Bulgaria, the Czech Republic, Hungary, Poland, Russia and the Slovak Republic. Using the bounds testing approach to error-correction modelling and cointegration, we show that money demand is stable in these countries.

Date: 2010
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DOI: 10.1080/00036840802112406

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