ARE THE DETERMINANTS OF MONEY DEMAND STABLE IN SELECTED COUNTRIES FROM SOUTHEASTERN EUROPE?

Kjosevski, Jordan and Petkovski, Mihail (2017) ARE THE DETERMINANTS OF MONEY DEMAND STABLE IN SELECTED COUNTRIES FROM SOUTHEASTERN EUROPE? Romanian Journal of Economic 84 Forecasting, 20 (4). pp. 84-96.

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Abstract

The purpose of this article is to examine the long and short-run determinants of money
demand (M1) and their stability in the seven Southeast European (SEE) countries using
monthly data from January 2005 to December 2014. The Pool Mean Group Estimation of
ARDL was used to find the long-run and short-run dynamic relationships in money demand
model. Empirical results provide the evidence that index of industrial production, exchange
rate and dummy variable of effect of the European debt crisis explain the most variations of
money demand in the long-run, while exchange rate is significant only in short-run. Our
findings also show that real money demand in the SEE countries, despite their turbulent
transition from socialist to market economy, was relatively stable in the analyzed period.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Depositing User:	UKLO Mrezha
Date Deposited:	27 May 2024 05:58
Last Modified:	27 May 2024 05:58
URI:	https://eprints.uklo.edu.mk/id/eprint/9987

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