文章基本信息

标题：Empirical Evidence on the Long-Run Money Demand Function in the GCC Countries
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作者：Helmi Hamdi ; Ali Said ; Rashid Sbia 等
期刊名称：International Journal of Economics and Financial Issues
电子版ISSN：2146-4138
出版年度：2015
卷号：5
期号：2
页码：603-612
语种：English
出版社：EconJournals
摘要：The broad aim of this paper is to estimate the money demand function for the case of six Gulf Cooperation Council countries. By applying panel cointegration tests, the empirical results reveal strong evidence of cointegration between the variables of the model for individual countries as well as for the panel. Moreover, the results support the existence of a stable money function in the long-run estimation. The Granger non-causality test due to Toda and Yamamoto (1995) procedure shows evidence of a bidirectional causal relationship between money demand and income for panel estimation. At an individual level, the results change from one country to another one. Keywords : Money Demand; GCC, Panel Cointegration; Toda-Yamamoto JEL Classifications : C22; C23; E41; E52; F41
其他摘要：The broad aim of this paper is to estimate the money demand function for the case of six Gulf Cooperation Council countries. By applying panel cointegration tests, the empirical results reveal strong evidence of cointegration between the variables of the model for individual countries as well as for the panel. Moreover, the results support the existence of a stable money function in the long-run estimation. The Granger non-causality test due to Toda and Yamamoto (1995) procedure shows evidence of a bidirectional causal relationship between money demand and income for panel estimation. At an individual level, the results change from one country to another one. Keywords : Money Demand; GCC, Panel Cointegration; Toda-Yamamoto JEL Classifications : C22; C23; E41; E52; F41