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Title: |
Long-Run Elasticities of the Demand for Money in Korea: Evidence from
Cointegration Analysis |
| Author: |
Bahmani-Oskooee,
Mohsen; Rhee, Hyun-Jae |
| Author
Affiliation: |
U WI, Milwaukee |
| Source: |
International Economic Journal, Summer 1994, v. 8, no. 2, pp. 83-93 |
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Publication Date: |
Summer 1994 |
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Abstract: |
Most recent studies have employed the
cointegration technique to investigate the long-run stability of the
demand for money. This study considers the case of Korea. It is shown
that in the long-run while M1 monetary aggregate is cointegrated with
income, interest rate, and the exchange rate, M2 is not. However,
results form error-correction models reveal that both M1 and M2 have
short-run relationships with their determinants. |
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