On the Stability of Money Demand in Ghana : A Bounds Testing Approach

Kovanen, Arto

This paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money demand during a period of substantial changes in the financial markets. The empirical evidence points to complex dynamics between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1

Year of publication:	2011
Authors:	Kovanen, Arto Tapani
Other Persons:	Kovanen, Arto Tapani (contributor) ; Dagher, Jihad C. (contributor)
Publisher:	Washington, D.C : International Monetary Fund
Subject:	Ghana \| Geldnachfrage \| Money demand \| Kointegration \| Cointegration

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