کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5087926 | 1375465 | 2007 | 13 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Is money targeting an option for Bank Indonesia?
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
In this paper, using the cash-in-advance model, we estimate Indonesia's money demand function for the period 1970-2005. We find the real M1 and real M2 are cointegrated with their determinants, namely real income, real exchange rate and short-term domestic and foreign interest rates. The long-run elasticities, except for the relationship between M2 and domestic interest rate, are plausible. Interestingly, we find a negative relationship between real exchange rate and real money demand, suggesting evidence of currency substitution. We test for causal relationships and find that in the short-run only the real exchange rate Granger causes real M1 and real M2. Finally, we find that Indonesia's money demand functions are unstable. We conclude that money targeting is not an option for Bank Indonesian and that currency substitution should be curbed in order to ensure macroeconomic sustainability.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Asian Economics - Volume 18, Issue 5, October 2007, Pages 726-738
Journal: Journal of Asian Economics - Volume 18, Issue 5, October 2007, Pages 726-738
نویسندگان
Paresh Kumar Narayan,