Arbeitspapier
Money Demand and Disinflation in Selected CEECs during the Accession to the EU
A panel data set for six countries (Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia) is used to estimate money demand with panel cointegration methods over the recent disinflation period. The basic money demand model is able to convincingly explain the long-run dynamics of M2 in the selected countries. However, money demand is found to have been significantly determined by the euro area interest rates and the exchange rate against the euro, which indicates possible instability of money demand functions in the CEECs. Therefore, direct inflation targeting is an appropriate monetary regime before the eventual adoption of the euro.
- Sprache
-
Englisch
- Erschienen in
-
Series: Munich Discussion Paper ; No. 2006-31
- Klassifikation
-
Wirtschaft
Demand for Money
Central Banks and Their Policies
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
- Thema
-
Money demand
panel unit root tests
panel cointegration
direct inflation targeting
CEECs
Geldnachfrage
Inflationsbekämpfung
EU-Mitgliedschaft
Ostmitteleuropa
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fidrmuc, Jarko
- Ereignis
-
Veröffentlichung
- (wer)
-
Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
- (wo)
-
München
- (wann)
-
2006
- DOI
-
doi:10.5282/ubm/epub.1232
- Handle
- URN
-
urn:nbn:de:bvb:19-epub-1232-5
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Fidrmuc, Jarko
- Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
Entstanden
- 2006