haku: @indexterm Russia / yhteensä: 841
viite: 532 / 841
| Tekijä: | Choudhry, T. |
| Otsikko: | Another visit to the Cagan model of money demand: the latest Russian experience. |
| Lehti: | Journal of International Money and Finance
1998 : APR, VOL. 17:2, p. 355-376 |
| Asiasana: | CURRENCY MARKETS MONEY MARKETS HYPER-INFLATION RUSSIA |
| Kieli: | eng |
| Tiivistelmä: | The author investigates empirically the Cagan style money demand function for Russia during the recent hyperinflation era, 1992-1994. Using the Johansen multivariate cointegration test, results indicate that rate of change of exchange rate (currency depreciation) is required in the demand function for real M2 and real currency in order to obtain a stationary long-run relationship. Error correction model results show that there exists a bidirectional causality between real money balances and determinants of real money demand, including currency depreciation. Exchange rate sensitivity of the demand for money indicates currency substitution. |
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