文章基本信息

标题：The Stability of Long-Run Money Demand in Western Balkan Countries: An Empirical Panel Investigation
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作者：Jordan Kjosevski ; Mihail Petkovski ; Elena Naumovska 等
期刊名称：South East European Journal of Economics and Business
印刷版ISSN：1840-118X
出版年度：2016
卷号：11
期号：2
页码：61-70
DOI：10.1515/jeb-2016-0011
语种：English
出版社：Walter de Gruyter GmbH
摘要：The goal of this paper is to examine the stability of money demand (M1) in five Western Balkan countries using quarterly data from 2005Q1 to 2014Q4. The dynamic ordinary least squares – DOLS method was used to find the long-run relationships in a money demand model. The empirical results identify the long-run money demand relationship among real M1 nominal interest rate, exchange rate, inflation and a dummy variable for the effect of the European debt crisis. The estimated long-run coefficients are, respectively −0.086, 0.519, 0.002 and 0.030. Our findings imply that real money demand in Western Balkan countries was stable in the analyzed period.
关键词：money demand ; cointegration ; dynamic ordinary least squares ; stability ; Western Balkan countries ; C32 ; E41 ; E52