文章基本信息

标题：Stability Of Money Demand In A Developing Economy: Empirical Evidence From South Africa
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作者：Ferdinand Niyimbanira
期刊名称：International Business & Economics Research Journal
印刷版ISSN：1535-0754
电子版ISSN：2157-9393
出版年度：2013
卷号：12
期号：5
页码：565-572
语种：English
出版社：The Clute Institute for Academic Research
摘要：A stable money demand function plays a vital role in the analysis of macroeconomics, especially in the planning and implementation of monetary policy. When investigating the theory of money demand, there are some important issues that need to be considered, such as the choice of the appropriate measure of money, the scale variable (income or wealth) and the opportunity cost variable (short- or long-term interest rates). This paper estimates a stable long-run equilibrium relationship between real money demand (RM2) and its explanatory variables in South Africa, using cointegration and error correction methods. The results obtained confirm the existence of such stable equilibrium relationships. The crucial results from the Error Correction model (ECM) indicate that monetary policy in South Africa is effective. However, in spite of its efficiency, monetary policy does not have a quick effect, needing at least four quarters (one year) from its inception to make a real difference. In other words, there might be difficulties in implementing monetary policy in an emergency situation. Policy implications and suggestions for future research are made in the paper.
关键词：Money Demand Stability;South Africa;Monetary Policy