DEMAND FOR MONEY IN DEVELOPING COUNTRIES: ALTERNATIVE ESTIMATES AND POLICY IMPLICATIONS

DEMAND FOR MONEY IN DEVELOPING COUNTRIES: ALTERNATIVE ESTIMATES AND POLICY IMPLICATIONS

Library of Congress Cataloging-in-Publication Data

CONTENTS

PREFACE

Chapter 1: INTRODUCTION

Chapter 2: IMPORTANCE OF DEMAND FOR MONEY

2.1. INTRODUCTION

2.2. THEORIES OF DEMAND FOR MONEY

2.3. MONETARY POLICY TARGETS AND INSTRUMENTS

2.4. FINANCIAL REFORMS AND INSTABILITY IN THE MONEY DEMAND

CONCLUSION

Chapter 3: EMPIRICAL LITERATURE

3.1. INTRODUCTION

3.2. INCOME ELASTICITY OF MONEY DEMAND IN INDUSTRIAL COUNTRIES

3.3. INCOME ELASTICITY OF MONEY DEMAND IN DEVELOPING COUNTRIES

CONCLUSIONS

Chapter 4: EMPIRICAL RESULTS

4.1. INTRODUCTION

4.2. MODEL AND DATA

4.3. ALTERNATIVE EMPIRICAL ESTIMATES

CONCLUSIONS AND POLICY IMPLICATIONS

Chapter 5: CONCLUSIONS AND LIMITATIONS

5.1. CONCLUSIONS

5.2. LIMITATIONS

REFERENCES

APPENDICES

A. DEFINITION OF VARIABLES

B. UNIT ROOT TESTS

C. JML IDENTIFICATION AND EXOGENEITY TESTS

D. JML STABILITY TESTS

AUTHOR CONTACT INFORMATION

INDEX