본문 바로가기
KERD
논문KCI 등재

How Stable is the Demand for Money in China?

2

조회

0

다운로드

4

인용

0

참고문헌

키워드

주제분류경제학

초록

Different authors have tried to estimate the demand for money in different countries. A common theme of almost all studies since 1987 is the application of cointegration technique. The demand for money in China is no exception and has received some attention by researchers. However, finding of cointegration has been interpreted as a sign of constancy of parameter estimates. In this paper we employ CUSUM and CUSUMSQ tests in conjunction with cointegration analysis to show that both M1 and M2 are cointegrated with their determinants. The results of stability tests reveal that while M1 money demand in China is stable, there is some doubt about stability of M2 money demand.

Abstract

Different authors have tried to estimate the demand for money in different countries. A common theme of almost all studies since 1987 is the application of cointegration technique. The demand for money in China is no exception and has received some attention by researchers. However, finding of cointegration has been interpreted as a sign of constancy of parameter estimates. In this paper we employ CUSUM and CUSUMSQ tests in conjunction with cointegration analysis to show that both M1 and M2 are cointegrated with their determinants. The results of stability tests reveal that while M1 money demand in China is stable, there is some doubt about stability of M2 money demand.

참고문헌 (38)

  1. Adam, "Financial Innovation and the Demand for M3 in the U.K. 1975-86", 53, pp.401~423 (1991)
  2. Arango, "“Demand for Money in Open Economies ” Journal of Monetary Economics", pp.69~83 (1981)
  3. Bahmani-Oskooee, "The Black Market Exchange Rate and Demand for Money in Iran", (18), pp.171~176 (1996)
  4. "Are Devaluations Contractionary in LDCs", (23), pp.131~144 (1998)
  5. "How Stable is M2 Money Demand Function in Japan", 13, pp.455~461 (2001)
  6. Bahmani-Oskooee, "The Demand for Money in Japan: Evidence from Cointegration Analysis", 8, pp.1~10 (1996)
  7. Bahmani-Oskooee, "German Monetary Unification and the Stability of Long-Run German Money Demand Function", (66), pp.203~208 (2000)
  8. Bahmani-Oskooee, "Exchange Rate Sensitivity of the Demand for Money and Effectiveness of Fiscal and Monetary Policies", ” applied eco22, pp.917~25
  9. Bahmani-Oskooee, "Bilateral J-Curve Between U.S. and Her Trading Partners", (135), pp.156~165 (1999)
  10. Brown, "“Techniques for Testing the Constancy of Regression Relations Over Time ” Journal of the Royal Statistical Society", pp.149~163 (1975)
  11. Burton, "“Economic Reform and the Demand for Money in China", pp.~21 (1990)
  12. Chan, "“Money Demand in China Revisited ” Journal of Asian Economics", pp.137~44 (1991)
  13. Chen, B, "Long-Run Money Demand and Inflation in China", (Summer), pp.609~17 (1997)
  14. Chen, "“Monetary Aggregates and Macroeconomic Performance in Mainland China ” Journal of Comparative Economics", pp.314~24 (1989)
  15. Chow, "“Money and Price Level Determination in China ” Journal of Comparative Economics", pp.319~33 (1987)
  16. A, "and the Price Level in a Centrally Planned Economy An Application to the Case of China ” Journal of Money", pp.137~56 (1987)
  17. Frenkel, "“Money Demand and Inflation in Yugoslavia ” Journal of Macroeconomics", pp.455~481
  18. Hafer, "“The Demand for Money in the United States Evidence from Cointegration Tests ” Journal of Money", pp.155~168 (1991)
  19. Hafer, "“Economic Reform and Long Run Money Demand in China Implications for Monetary Policy", pp.936~945 (1994)
  20. Hoffman, "“Long-Run Income and Interest Elasticities of Money Demand in the United States ” The Review of Economics and Statistics", pp.665~674 (1991)
  21. Hu, "“Hyperinflation and the Dynamics of the Demand for Money in China ” Journal of Political Economy"
  22. Huang, "Economic Reform and the Stability of Long-Run Demand for Money in China: Some Results from Co-Integration Tests", pp.276~96 (2000)
  23. Huang, "“Money Demand in China in the Reform Period", ” applied eco(mics), pp.713~9 (1994)
  24. Johansen, "“Statistical Analysis of Cointegration Vectors ” Journal of Economic Dynamics and Control", pp.231~254 (1988)
  25. "“Testing Weak Exogeneity and the Order of Cointegration in UK Money Demand Data ” Journal of Policy Modeling", pp.313~334 (1992)
  26. ” Second Edition, "“Elements of Econometrics" (1986), Macmillan Publishing Company
  27. Kremers, "“The Power of Cointegration Tests ” Oxford Bulletin of Economics and Statistics", pp.325~347 (1992)
  28. Laidler, "“The Demand for Money" (1993), Harper Collins College Publishers
  29. Ma, "and the Household Savings and Money Demand in China ” Journal of Development Economics", “macroeco(mic disequilibrium), pp.115~36 (1993)
  30. McKinnon, "“International Influence on the U Summary of an Exchange", pp.1132~1134 (1984)
  31. and Wallace, "“Cointegration Tests of a Long-Run Relationship between Money Demand and the Effective Exchange Rate ” Journal of International Money and Finance", mc(wn), pp.107~114 (1992)
  32. Mundell, "“Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates ” Canadian Journal of Economics and Political Science", pp.475~485 (1963)
  33. Pesaran, "Bounds Testing Approaches to the Analysis of Level Relationships", 16, pp.289~326 (2001)
  34. Qin, "“Money Demand in China The Effect of Economic Reform ” Journal of Asian Economics", pp.253~71 (1994)
  35. Qian, "The Process of China’s Market Transition (1978-98) The Evolutionary, Historical, and Comparative Perspectives", Stanford University
  36. Xu, "Money demand in China: A Disaggregate Approach", 26(3), pp.544~564 (1998)
  37. Yi, "“Towards Estimating the Demand for Money in China ” Economics of Planning", pp.243~70 (1993)
  38. Zhang, "China’s Exchange Rate Reform and Its Impact on the Balance of Trade and Domestic Inflation", 3(2), pp.4~22 (1999)

관련 논문AI추천

이 간행물의 다른 논문 (7건)