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Please use this identifier to cite or link to this item: http://hdl.handle.net/2344/783

タイトル: An empirical analysis of the money demand function in India
著者: Inoue, Takeshi
Hamori, Shigeyuki
井上, 武
羽森, 茂之
キーワード: Cointegration
DOLS
Money
Money demand
Monetary policy
India
共和分分析
動的最小二乗法
通貨
貨幣需要
金融政策
インド
Issue Date: Sep-2008
出版者: Institute of Developing Economies, JETRO
引用: IDE Discussion Paper. No. 166. 2008.9
抄録: This paper empirically analyzes India’s money demand function during the period of 1980 to 2007 using monthly data and the period of 1976 to 2007 using annual data. Cointegration test results indicated that when money supply is represented by M1 and M2, a cointegrating vector is detected among real money balances, interest rates, and output. In contrast, it was found that when money supply is represented by M3, there is no long-run equilibrium relationship in the money demand function. Moreover, when the money demand function was estimated using dynamic OLS, the sign onditions of the coefficients of output and interest rates were found to be consistent with theoretical rationale, and statistical significance was confirmed when money supply was represented by either M1 or M2. Consequently, though India’s central bank presently uses M3 as an indicator of future price movements, it is thought appropriate to focus on M1 or M2, rather than M3, in managing monetary policy.
URI: http://hdl.handle.net/2344/783
Appears in Collections:04.IDE Discussion Paper
01.経済、産業(Economy and Industry)/南アジア(South Asian Studies)

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