Stability of Demand for Money in India: Evidence from Monetary and Liquidity Aggregates
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摘要: The determinants and stability of money demand functions, as per new definitions monetary aggregates, has been analyzed in this paper. Quarterly Data from 1996Q2 to 2009Q2, for various interest rates, exchange stock prices GDP is use. cointegration tests, error correction mechanism, Granger causality CUSUM tests applied empirical analysis. estimated results disclose the existence long-run short-run relationship among variables. Unidirectional found Stock Prices monetary, well liquidity aggregates. Also similar result repeated rates functions. CUSUMQ support each All three variables, except rate, affect both types specification.
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