CURRENCY SUBSTITUTION: A CASE OF KAZAKHSTAN (2000:1-2007:12)

Mesut Yilmaz, Yessengali Oskenbayev () and Kanat Abdulla

No wp946, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: This paper aims to investigate the demand for money in Kazakhstan. This study covers the period starting from 2000:01, when capital liberalization program was launched and National Bank approved managed float regime (National Bank employed adjustable exchange rate regime before exchange rate crisis in Kazakhstan in 1999) to 2007:12 as recent available data for investigation variables. In order to achieve the goal we set demand for money function is estimated using cointegration methodology aimed for variables integrated of order one. The results show important key factors for controlling money demand could be applied by National Bank of Kazakhstan. Besides, there was reversal of currency in Kazakhstan over the period under the investigation.

Keywords: Demand for money; currency substitution; dollarization; Kazakhstan (search for similar items in EconPapers)
JEL-codes: C23 E31 E41 F31 F41 F43 (search for similar items in EconPapers)
Pages: pages
Date: 2009-01-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp946.pdf
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp946.pdf [302 Found]--> https://wdi.umich.edu/files/Publications/WorkingPapers/wp946.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wdi:papers:2009-946

Access Statistics for this paper

More papers in William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan 724 E. University Ave, Wyly Hall 1st Flr, Ann Arbor MI 48109. Contact information at EDIRC.
Bibliographic data for series maintained by WDI ().