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Paper Information

Journal:   KNOWLEDGE AND DEVELOPMENT   2007 , Volume - , Number 20; Page(s) 125 To 145.
 
Paper: 

THE ESTIMATION OF DEMAND FOR MONE) BY USING TIME- SERIES & COINTEGRATION IN IRAN'S ECONOMY (1988-2004)

 
 
Author(s):  MOSTAFAVI S.M., YAVARI K.
 
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Abstract: 
This paper provides a critical review of the estimation of demand for money in the short and long rum. In doing so, first the main effective factors of the demand for money from the point of view of monetarists are explained. Then a short report about the existing studies on the demand for money in Iran's economy is presented with special emphasis on their shortcomings and problems. Time-series and co-integration with quarterly data for pure post-revolutionary period are applied. The stationary of data has been investigated via ADF test.
The applied model in this study deals with GDP, inflation, rates of return on foreign exchange and automobiles. Co-integration test has been applied via ADL and Johansen procedures. Findings in this study indicate that GDP and inflation affect money demand in the long-run and those factors plus the mentioned rates of return are effective factors in the short-run.
 
Keyword(s): DEMAND FOR MONEY, INFLATION REAL MONEY RATE OF INTEREST EXCHANGE RATE, CO-INTEGRATION, ESTIMATION, GDP, M1, M2
 
References: 
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